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 projects actual simple rate of return?

Required information The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,850,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 18%. The project would provide net operating income in each of five years as follows: $2,857.000 1,011.000 1,846,000 Sales Variable expenses Contribution margin ised expenses Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Not operating incon $799,000 570.000 1,369,000 Click here to view Exhibit 138-1 and Exhibit:139-2. 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.) meteo