8) On January 1, 2011, Petrel Shipping Company bought equipment that cost $95,000 with an estimated useful life of 6 years and an estimated salvage value of $5,000. After 4 years, the company refurbished the equipment for $25,000 and extened the life to 9 years and the new salvage value is $3,000. The company uses the straight-line method of depreciation. At what rate will the equipment depreciate in 2016