Micro Tek 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 4,000 units at $450 per unit. The equipment has a cost of $3,950,000, residual value of $50,000, and an 8 -year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows: Determine the average rate of return on the equipment. Round your answer to one decimal place. fill in the blank %