Average Rate of Return-New Product Micro Tek 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 4,900 units at $284 per unit. The equipment has a cost of $455,700, residual value of $34,300, 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 Direct materials 185.00 Factory overhead (including depreciation) 31.50 Total cost per unit $264.50 Determine the average rate of return on the equipment. If required, round to the nearest whole percent. %