Problem: Presented below is information related to LeBron James Manufacturing Corporation.
Asset
Cost
Estimated Salvage
Estimated Life (in years)
A $ 40,500 $ 5,500 10
B 33,600 4,800 9
C 36,000 3,600 9
D 19,000 1,500 7
E 23,500 2,500 6
Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.)