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Required information The following information applies to the questions displayed below. Cardinal Company is considering a five-year project that would require a $2,915,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 12%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin rixed expenses 2,746,000 1126,000 1,620,000 Advertising, salaries, and other fixed out-of-pocket costs Depreciation 615,000 583,000 1,198,000 $ 422,000 Total fixed expenses Net operating income Click here to view Exhibit 138-1 and Exhilbit 138-2, to determine the appropriate discount factor(s) using table. 8. What is the project's simple rate of return for each of the five years? (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. 36.54 %