Cardinal Company is considering a project that would require a $2,870,000 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 $200,000. The company's discount rate is 8%. The project would provide net operating income each year 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 $705,000 574,000 $ 2,861,000 1,101,000 1,760,000 1.279.000 $ 481,000 What is the project's simple rate of return for each of the five years