Use the following information to answer the next three questions. You have confirmed a sale of an 80-acre parcel which recently sold for $2,175,000. The property is improved with a 6,000-square-foot shop building with an effective age of 10 years. The replacement cost new of the shop is $40 per square-foot. There are no other structural improvements. Land sales in the area suggest an underlying land value of $25,000 per acre.

What is the contributory value of the improvements?

Group of answer choices

A. $65,000

B. $175,000

C. $240,000

D. $100,000

What is the total amount of depreciation?

Group of answer choices

A. $175,000

B. $100,000

C. $40,000

D.$65,000

What is the annual depreciation rate?

Group of answer choices

A.2.7%

B.27%

C.4%

D.40%