Average rate of Retum-New Product Hana 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 4,300 units at $319 per unit. The equipment has a cost of $479,900, residual value of $36,100, and an 8-year . The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows: Cost per unit: Direct labor $53.00 Direct materials 208.00 Factory overhead (including depreciation) 35.80 Total cost per unit $296.80 Determine the average rate of return on the equipment. If required, round to the nearest whole percent