In Raster Calculator, you could have an expression as below
Con(InRas1 < 0, 0, Con(InRas1 < 850, ((0.04830)*(InRas1)**(1.610))/(17.02), ((587.7) - (1.219)*(InRas1) + (0.004105)*(InRas1)**(2.0))/(17.02)))
where InRas1: Input Precipitation Raster
Assumption: Precipitation values are in mm
Thank You vert much!:)