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 4,700 units at $250 per unit. The equipment has a cost of $524,500, residual value of $39,500, 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 $43.00 Direct materials 167.00 Factory overhead (including depreciation) 29.203 Total cost per unit $239.20 Determine the average rate of return on the equipment. If required, round to the nearest whole percent