A proposed project would require the purchase of a new press. The estimated purchase price is $34,795;

Fantastic news! We've Found the answer you've been seeking!

Question:

A proposed project would require the purchase of a new press. The estimated purchase price is $34,795; estimated other costs are shipping @ $1,960; installation @ $2,785.Additional inventory of $5,550 is expected to be needed of which 40% will be on credit. The press will be depreciated straight line to $3,874 salvage over 6 years. What is the estimated depreciation rate on the press?