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$

$2100,000290,000$

$3109,000190,000$

$436,000125,000$

$$320,000$ $$890,000$

The company's minimum desired rate of return is $12\%.$ The present value of $$1$ at compound interest of $12\%$ for Years $1$ through $4$ is $0\mathrm{.}893,0\mathrm{.}797,0\mathrm{.}712,$ and $0\mathrm{.}636,$ respectively.

Required:

Determine the average rate of return on the investment. Round your answer to one decimal place.