Answer:
[tex]\large \boxed{\mathbf{56.06 \, \% }}[/tex]
Step-by-step explanation:
1. Calculate the dollar depreciation
Original price = $965
Present value = 424
Depreciation = $ 541
2 Calculate the rate of depreciation
The phone has depreciated for one year.
[tex]\begin{array}{rcl}\text{Rate of depreciation} & = & \dfrac{\text{Depreciation}}{\text{Original price}} \times 100 \, \%\\\\& = & \dfrac{\text{541}}{\text{965}} \times 100 \, \%\\\\& = & \dfrac{\text{541}}{\text{965}} \times 100 \, \%\\\\& = & \mathbf{56.06 \, \%}\\\\\end{array}\\\text{ The rate of depreciation is $\large \boxed{\mathbf{56.06 \, \% }}$ per year}[/tex]
