Required informatio [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,755,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. The project would provide net operating income in each of five years as follows $2,875,000 1,124,000 1,751,000 Sales Variable expenses Contribution marain Fixed expenses: Advertising, salaries, and other fixed Depreciation out-of-pocket costs 721,000 551,000 1,212,000 Total fixed expenses Net operating income $479,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table 15. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 50%, what was the project's actual simple rate of return? (Round your answer to 2 decimal places.) Simple rate of return [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,755,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. The project would provide net operating income in each of five years as follows: $2,875,000 1,124,000 1,751,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed Depreciation out-of-pocket costs 721,000 551,000 551,272,000 Total fixed expenses Net operating income $479,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table 14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 50%, what was the project's actual payback period? (Round your answer to 2 decimal places.) Payback period years