Question 3 (6 points) A firm is considering purchasing an asset that will have a useful life of 8 years and cost $5.5 million and it will have installation costs of $90,000. What is the annual straight-line depreciation for this asset? 1) $698,750 per year 2) $530,450 per year 3) $422,000 per year 4) $687,500 per year