A hospital purchases an ultrasound machine for $50,000. The hospital expects the useful life of the machine to be 10 years, at which time its
value will have depreciated to $6,000. The hospital uses the declining
balances method for depreciation, so the annual depreciation rater in
decimal form) is given by the formula below. In the formula, n is the useful
life of the item (in years), S is the salvage value (in dollars), and C is the
original cost (in dollars). What annual depreciation rate did the hospital use? Round your answer to the nearest tenth.
Ex: r = 1 - (S/C)^1/n