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 6,700 units at $317 per unit. The equipment has a cost of $623,100, residual value of $45.900, 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 Isbor $53.00 Direct materials 208.00 Factory overhead (induding deprecation) 35.50 Total cost per unit $296.50 Determine the average rate of return on the equipment. If required, round to the nearest whole percent