Exercise 11-9 (Part Level Submission) Presented below is information related to Pharoah Manufacturing Corporation. Estimated Life (in years) Asset Cost A 10 B Estimated Salvage $5,665 4,944 3,708 1,545 2,575 9 $41,715 34,608 37,080 19,570 24,205 C 9 D 7 E 6 (a) 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 %