At the beginning of Year 1, Herkimer & Co. purchases a group of 7 laptops for its

Question:

At the beginning of Year 1, Herkimer & Co. purchases a group of 7 laptops for its new hires. The laptops are purchased for $2,300 each with a residual value of $500 each. Herkimer & Co. expects the laptops to be used for three years.
Compute the depreciation rate per year for the group.