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Ava Company projects an increase in net income of $21,501 each year for the next five years if it invests $103,831 in new equipment. The

Ava Company projects an increase in net income of $21,501 each year for the next five years if it invests $103,831 in new equipment. The equipment has a five-year life and an estimated salvage value of $7,831.

What is the annual rate of return on this investment?

Round your answer to 2 decimal places. Answer as a percentage. For example, if your calculation is .1056, your answer would be 10.56

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