Change the percent to a decimal: 37%
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Answer:
<em>The uniform rate of depreciation is $56,333 per year, or 11% per year.</em>
Step-by-step explanation:
<u>Rate of Depreciation</u>
If some object has a certain value P and after some time t its value decreases to Q, the rate of depreciation is a measure of how much its value changed per unit time.
It can be calculated as:
It can also be expressed as a percentage, dividing the previous value by P.
The school bus reduces its value from $512,000 to $343,000 in 3 years, thus:
R = 56,333 $/year
Expressed as a percentage:
R = 56,333 / 512,000 = 0.11
R = 11%/year
The uniform rate of depreciation is $56,333 per year, or 11% per year.