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 6,600 units at $227 per unit. The equipment has a cost of $613,800, residual value of $46,200, 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 Direct materials Factory overhead (including depreciation) $38.00 148.00 25.50 $211.50 Total cost per unit Determine the average rate of return on the equipment. If required, round to the nearest whole percent