A farmer bought a farm implement for ₦12,500 in 2007. At the end of the fourth year, he sold it for ₦4,300. The annual depreciation of the implement is

  • A ₦4,300
  • B ₦3,125
  • C ₦2,050
  • D ₦1,075
jamb 2021agricultural-science

The correct answer is C. ₦2,050

Cost price in 2007 - ₦12,500

Year of usage = 4 years

Selling Price = ₦4,300

Annual  Depreciation \(\frac{₦12,500 - ₦4,300}{4}\)

= \(\frac{₦8,200}{4}\) = ₦2,050

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