Nature Power Company uses the composite method and straight-line depreciation for its power plant equipment. Its Apple River plant, which began generating electricity January 1, 2024, had the following equipment:

Equipment	Life (Years)	Estimated Cost	Residual Value
Turbines	25	$ 4,500,000	$ 500,000
Steam pipes	15	3,000,000	300,000
Furnace	20	6,000,000	0

Required:

1. Compute the composite depreciation rate.

Note: Round your answer to 2 decimal places.

2. Compute the average service life.

Note: Round your answer to 1 decimal place.

3. Compute 2024 depreciation.