Compute the annual rate of return for each project.

Blossom Company is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows. Capital investment Annual net income: Year 1 2 3 4 5 Total Project Bono $165,000 14,280 14,280 14,280 14,280 14,280 $71,400 Project Edge $179,000 18,360 17,340 16,320 12,240 9,180 $73,440 Project Clayton $202,000 27,540 23,460 21,420 13,260 12,240 $97,920 Depreciation is computed by the straight-line method with no salvage value. The company's cost of capital is 15%. (Assume that cash flows occur evenly throughout the year.) Compute the annual rate of return for each project. (Hint: Use average annual net income in your computation.) (Round answers to 2 decimal places, e.g. 10.50%.) Project Bono Project Edge Project Clayton Annual rate of return