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 3,300 units at $284 per unit. The equipment has a cost of $306,900, residual value of $23,100, 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 $48.00 188.00 Direct materials Factory overhead (including depreciation) 32.00 Total cost per unit $268.00 Determine the average rate of return on the equipment. If required, round to the nearest whole percent. %