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 4,700 units at $267 per unit. The equipment has a cost of $524,500, residual value of $39,500, 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		$46.00
	Direct materials		178.00
	Factory overhead (including depreciation)		30.40
		Total cost per unit	$254.40

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