Cardinal Company is considering a five-year project requiring a $2,765,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $ 2,851,000 1,150,000 1,701,000 $ 670,000 553,000 1,223,000 $ 478,000 8. What is the project's simple rate of return for each of the five years? Note: Round your answer to 2 decimal places. Simple rate of return %