Pocket Pilot Inc. is considering an investment in new equipment that will be used to manufacture a mobile communications device. The device is expected to generate additional annual sales of 4,400 units at $192.00 per unit. The equipment has a cost of $368,300, residual value of $27,700, and an eight-year life. The equipment can only be used to manufacture the device. The cost to manufacture the device is shown below.

Cost per unit:
	Direct labor		$31.00
	Direct materials		121.00
	Factory overhead (including depreciation)		21.10
		Total cost per unit	$173.10

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