John bought a new car for shilling 800,000. After 5 years, he sold it through a second-hand car dealer. The dealer charged a commission of 4% for the sale of the car. If John received shillings 480,000, calculate the annual rate of depreciation of the car.

To calculate the annual rate of depreciation of the car, we need to find the difference between the initial cost and the selling price of the car, and then divide it by the number of years the car was owned.

First, let's calculate the commission charged by the second-hand car dealer. The commission is 4% of the selling price, which is 4/100 * 480,000 = 19,200 shillings.

Now, let's find the selling price of the car without the commission fee. The selling price including the commission is 480,000 shillings, so the selling price before the commission was added is 480,000 + 19,200 = 499,200 shillings.

Next, we need to find the depreciation amount, which is the difference between the initial cost and the selling price. The initial cost of the car was 800,000 shillings, so the depreciation amount is 800,000 - 499,200 = 300,800 shillings.

Finally, to find the annual rate of depreciation, we divide the depreciation amount by the number of years the car was owned. In this case, it was owned for 5 years, so the annual rate of depreciation is 300,800 / 5 = 60,160 shillings per year.

Therefore, the annual rate of depreciation of the car is 60,160 shillings.