15 rt 15 of 15 5 nts Required information. [The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,810,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating Income in each of five years as follows: Sales Variable expenses Contribution margin $ 2,847,000 1,121,000 1,726,000 Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs $ 782,000 Depreciation 562,000 Total fixed expenses 1,344,000 Net operating income $ 382,000 Click here to view Exhibit 148-1 and Exhibit 148-2, to determine the appropriate discount factor(s) using table. 15. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 45%. What was the project's actual simple rate of return? (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Simple rate of return 13.58%