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Average Rate of Return Thompson Furniture is considering the purchase of equipment for $120,000. The equipment will expand the company's production and increase revenue by $30,000 per year. Annual cash operating expenses will increase by $7,000. The equipment's useful life is 10 years with no salvage value. Thompson uses straight-line depreciation. The income tax rate is 35%. What is the average rate of return on the investment? Do not use negative signs with your answers. Increase in revenue $ 30,000 ~ Increase in expenses 7,000 x Pretax income from investment 23,000 x Income tax expense 8,050 x Net income from investment $ 14,950 X Round answer to the nearest whole percentage, if applicable. Average rate of return on investment 12.45 X %