Emma Company projects an increase in net income of $24,259 each year for the next five years if it invests $117,423 in new equipment. The equipment has a five- year life and an estimated salvage value of $7,485. 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

Emma Company projects an increase in net income of $24,259 each year for the next five years if it invests $117,423 in new equipment. The equipment has a fiveyear life and an estimated salvage value of $7,485. 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