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		Net Cash Flow
1		$75,000		$285,000
2		100,000		290,000
3		109,000		190,000
4		36,000		125,000
		$320,000		$890,000

The company's minimum desired rate of return is 12%. The present value of $1 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. fill in the blank 1 %