Rachel bought a motor vehicle for £25,000. The vehicle has an estimated useful life of 3 years and an estimated residual value of £2,500. If depreciation is to be provided on the straight-line basis, which of the following statements is true?
A) Depreciation will be provided at 10% on cost.
B) Depreciation will be provided at 37% on cost.
C) Depreciation will be provided at 33% on cost.
D) Depreciation will be provided at 30% on cost.
Correct Answer:
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