Average Rate of Return-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 7,100 units at $273 per unit. The equipment has a cost of $660,300, residual value of $49,700, 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 $47.00 Direct materials 183.00 Factory overhead (including depreciation) 31.00 $261.00 Total cost per unit Determine the average rate of return on the equipment. If required, round to the nearest whole percent. %