Dickerson co. is evaluating a project requiring a capital expenditure of $810,000. the project has an estimated life of 4 years and no salvage value. the estimated net income and net cash flow from the project are as follows: year net income net cash flow 1 $75,000 $285,000 2 100,000 290,000 3 109,000 190,000 4 36,000 125,000 $320,000 $890,000 the company's minimum desired rate of return is 12%. the present value of $1 at compound interest of 12% for 1, 2, 3, and 4 years is 0.893, 0.797, 0.712, and 0.636, respectively. required: determine the average rate of return on investment, including the effect of depreciation on the investment. round your answer to one decimal place. %