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The subject property just sold for $654,000, and the existing building is 22 years old. The land value is $250,000. The reproduction cost (cost

The subject property just sold for $654,000, and the existing building is 22 years old. The land value is $250,000. The reproduction cost (cost new) is $675,000 for the improvements. What is the annual rate of depreciation on a percentage basis?

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