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 7,200 units at $188 per unit. The equipment has a cost of $602,600, residual value of $45,400, and an eight-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. %