On January 8 of 2021, Monsoon restaurant buys a car for $24,000 to do food deliveries. They estimate it's useful life to be 5 years with a value of $3,500 at the end of that time. Since they know that there will be more maintenance at the end of the 5 years than in the first few years, they decide to use Double Declining Balance depreciation. What is the Depreciation expense in the first year, assuming they expect a full year of use out of the vehicle?

Choices

1. 9,600

2. 4,800

3. 4,100

4. 2,050

5. 8,200