Chambers Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $74,700. The equipment will have an initial cost of $330,200 and have a 7 year life. The salvage value of the equipment is estimated to be zero, what is the accounting rate of return? Answer as a percentage with 2 decimals. If your answer 1234, answer 12.34 (do not use the percentage sign)