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 5,200 units at $277 per unit. The equipment has a cost of $435,200, residual value of $32,800, and an 8-year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows: Determine the average rate of return on the equipment. If required, round to the nearest whole percent. % 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 5,200 units at $277 per unit. The equipment has a cost of $435,200, residual value of $32,800, and an 8-year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows: Determine the average rate of return on the equipment. If required, round to the nearest whole percent. %