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Answer : The rate of depreciation is, $16000
Step-by-step explanation :
Formula used to calculate the rate of depreciation is:
Given:
Purchase price of asset = $15000
Salvage value = $7000
Estimate life asset = 3 years
Now put all the given values in the above formula, we get:
Deprecation rate = $16000
Therefore, the rate of depreciation is, $16000