Galactic 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 4,200 units at $234 per unit. The equipment has a cost of $390,600, residual value of $29,400, and an eight-year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows:

Cost per unit:
	Direct labor		$39.00
	Direct materials		151.00
	Factory overhead (including depreciation)		25.00
		Total cost per unit	$215.00

Determine the average rate of return on the equipment. If required, round to the nearest whole percent. fill in the blank _ %