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 $287 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 Direct materials Factory overhead (including depreciation) $49.00 192.00 33.00 $274.00 Total cost per unit Determine the average rate of return on the equipment. If required, round to the nearest whole percent. x%