Presented below is information related to Sheffield Manufacturing Corporation. Asset Estimated Life (in years) 10 A B Estimated Salvage $6,500 5.000 4,600 1.600 3,500 Cost $42,200 32,900 35,200 18.400 23,600 9 9 D 7 E 6 (a) x 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%.) Composite rate 12.07 %