Well, two things come to mind:
#1 - A weapon doesn't have a rapid-fire range, just a way of calculating rapid-fire range from its set range value. In that case, your latter calculation would make the most sense.
#2 - Is its range considered a "characteristic" of the weapon / model firing the weapon? If so, multipliers are applied first, make it your first calculation.
I think that's a big

and would require talking it out with your opponent for now. Maybe someone has a stronger argument for either