Tonys Pizzas purchased an Oven on January 1, 2020, for $69,000. The oven is estimated to have an 8-year life with a $5,000 salvage value. The estimated useful life in operating hours is 120,000 hours. [4:02 PM] What is the annual depreciation rate using the declining balance method in this case? * 12.5% 16.67% 25% 33.33%