eter 13 Homework Saved Help 15 Required information The following information applies to the questions displayed below) 15 of 15 Cardinal Company is considering a five-year project that would require a $2,810,000 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: $2,847,000 1,121,000 1,726,000 Book Sales Variable expenses Contribution margin Psixed expenses Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $702,000 562,000 1,344,000 382.000 $ Click here to view Exhibit 138-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using table. 15. Assume a postaudit showed that all estimates (including total sales) were exactly morrect except for the variable expense ratio, which actually turned out to be 45% What was the project's actual simple rate ofre.? (Round your answer to 2 decimal places.) Simple rate of return