Average Rate of ReturnNew 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 4,200 units at $309 per unit. The equipment has a cost of $351,500, residual value of $26,500, 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 $54.00 Direct materials 208.00 Factory overhead (Including depreciation) 3 5.30 Total cost per unit $29130 Determine the average rate of return on the equipment. If required, round to the nearest whole percent. [ 40|x%