Two years ago, on March $1,2020$ Mark bought a new tractor. Mark traded his old tractor which had a remaining book value of $5,214.$ Mark paid $$25,000$ 'down" and financed the remaining $$50,000$ over $5$ years at $6\%$ interest. He elected to roll the remaining basis of his old tractor into the new one.

If Mark had bought the tractor in $2020,$ it would be classified as:

Group of answer choices

$3$ year property

$5$ year property

$7$ year property

$10$ year property