Book questions: Real Estate by the Numbers - Dave Meyer, J Scott

[Saqib Mirza]

Hello,

I am on chapter 12 of the book and one of the exercises I must be missing a critical piece of information because I can't figure out why the answer is what it is. "What is the annual depreciation for a residential property worth 385,000?" No other information is given, if residential is deprecated over 27.5 years at that cost, you get 14,000. The book answer is 12,727.27. If the property was worth 350,000 that makes sense, where did 35,000 go from the original price given of 385,000?

Am I missing something that I did not account for? There were no other variables given to consider in the question.

Thank you! Any help appreciated!