The lost value of equipment over a period of time is called depreciation. The simplest method for calculating depreciation is straight-line depreciation. The annual straight-line depreciation D of an item that cost x dollars with a useful life of n years is D=(1/n)x. Find the depreciation for items with the given characteristics.

Cost is $15,967; life is 13 yr

The annual straight-line depreciation is approximately $? per year.