Cardinal Company is considering a five-year project that would require a $3,025,000 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 $ 2,737,000 1,001,000 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out- of-pocket costs $ 610,000 Depreciation 605,000 Total fixed expenses 1,736,000 1,215,000 Net operating income $ 521,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table. Foundational 12-8 (Algo) 8. What is the project's simple rate of return for each of the five years? (Round your answer to 2 decimal places.)