A new cooler for a restaurant costs $8,500. The useful life is 8 years, and the salvage value is $1,750. Determine the annual depreciation amount using straight-line depreciation. Group of answer choices $1,344.30 $1,062.50 $1,750.00 $843.75

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A: P=$45000Rate = R= 5% =0.05Time=t=6 years