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 6,700 units at $309 per unit. The equipment has a cost of $560,800, residual value of $42,200, 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. %