Average rate of Return-Cost Savings Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $112,000 with a $10,000 residual value and a five-year life. The equipment will replace one employee who has an average age of $40,360 per year. In addition, the equipment will have operating and energy costs of $10,810 per year. Determine the average rate of return on the equipment, giving effect to straight line depreciation on the investment. If required, round to the nearest whole percent. Resel Next Check My Work 2 more Check My Work m aning Sum m en for trading