eBook Show Me How Average Rate of Return-New Product Hana 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 4,900 units at $304 per unit. The equipment has a cost of $410,100, residual value of $30,900, and an 8-year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows; Cost per unit: Direct labor $53.00 Direct materials 206.00 Factory overhead (including 35.10 depreciation) Total cost per unit $294.10 Determine the average rate of return on the equipment. If required, round to the nearest whole percent. %