Presented below is information related to Concord Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $44,700 $5,500 10 B 32,400 4,500 9 C 35,000 3,500 9 D 20,000 1,800 7 E 23,900 2,900 6 (a) Your answer is incorrect. 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%.)