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: Cllck here to view Exhibit 128-1 and Exhibit 128-2, to determine the appropriate discount factor(s) using table. Eoundational 12-15 (Algo) 5. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense atio, which actually turned out to be 50%. What was the project's actual simple rate of return? (Round your answer to 2 decimal places.)