Required information [The following information applies to the questions displayed below) Cardinal Company is considering a five-year project that would require a $2,870,000 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: $2,861,000 1,101,000 1,760,000 Sales Variable expenses Contribution margin Fixed expenses Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $ 705,000 574,000 1,279,000 481,000 Click here to view Exhibit 12B-1 and Exhibit 12B-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.) % Simple rate of retum 4. What is the project's net present value? (Round discount factor(s) to 3 decimal places and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Net present value $ 763,820 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 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 retum %