Cardinal Company is considering a project that would require a $2,945,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $400,000. The company's discount rate is 10%. The project would provide net operating income each year as follows: Sales Variable expenses Contribution margin Fed expenses Advertising salaries, and other foxed cut-of-pocket COERS Depreciation Total fixed expenses Net operating Income $2,873.000 1,019,000 1.854,000 $ 754.000 589.000 1.343.000 511,000 What is the project's simple rate of return for each of the five years? 37.35% 17.79% 38.29% 17.35%