Average rate of return-new product Oahu 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 4,300 units at $311 per unit. The equipment has a cost of $359,900, residual value of $27,100, 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. %