Average Rate of Return-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 4,000 units at $178 per unit. The equipment has a cost of $372,000, residual value of $28,000, and an 8-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) Total cost per unit $29.00 113.00 19.50 $161.50 Determine the average rate of return on the equipment. If required, round to the nearest whole percent