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Emma Company projects an increase in net income of $22,042 each year for the next five years if it invests $119,502 in new equipment. The

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Emma Company projects an increase in net income of $22,042 each year for the next five years if it invests $119,502 in new equipment. The equipment has a five-year life and an estimated salvage value of $5,222. What is the annual rate of return on this investment? Round your answer to 2 decimal places. Answer as a percentage. For example, if your calculation is . 1056, your answer would be 10.56

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