Dickerson Co is evaluating a project requiring a capital expenditure of $810,000. The project has an estimated life of 4 years and no salvage value. The estimated net Income and net cash flow from the project are as follows: Year Net Income 1 2 Net Cash Flow $285,000 290,000 190,000 125,000 $75,000 100,000 109,000 36,000 $320,000 3 4 $890,000 The company's minimum desired rate of return is 12%. The present value of Si at compound interest of 12% for 1, 2, 3, and 4 years is 0.893, 0.797.0.712, and 0.636, respectively Required: Determine the average rate of return on investment. Round your answer to one decimal place