Ivanhoe 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.

		Project Bono		Project Edge		Project Clayton
Capital investment		$172,800		$189,000		$206,000
Annual net income:
Year 1		15,120		19,440		29,160
2		15,120		18,360		24,840
3		15,120		17,280		22,680
4		15,120		12,960		14,040
5		15,120		9,720		12,960
Total		$75,600		$77,760		$103,680

Depreciation is computed by the straight-line method with no salvage value. The companys 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		enter percentages rounded to 2 decimal places %		enter percentages rounded to 2 decimal places %		enter percentages rounded to 2 decimal places %