Average Rate of Retum-New Product Galactic Inc. is considering an investment in new equipment that will be used to manufacture a smartphone. The phone is expected to generate additional annual sales of 5,300 units at $308 per unit. The equipment has a cost of $591,500, residual value of $44,500, and an eight-year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows: Cost per unit: Direct labor $51.00 Direct materials 198.00 Factory overhead (including depreciation) 33.80 Total cost per unit $282.80 Determine the average rate of return on the equipment. If required, round to the nearest whole percent. %