Oriole 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		$169,600		$185,500		$214,000
Annual net income:
Year 1		14,840		19,080		28,620
2		14,840		18,020		24,380
3		14,840		16,960		22,260
4		14,840		12,720		13,780
5		14,840		9,540		12,720
Total		$74,200		$76,320		$101,760

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 %