Required information [The following information applies to the questions displayed below. ] Cardinal Company is considering a fiveyear project that would require a $2,945,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 18%. The project would provide net operating income in each of five years as follows: Sales $2,873,666 Variable expenses 1,619,666 Contribution margin 1,854,666 Fixed expenses: Advertising, salaries, and other outof pocket costs $754,666 Depreciation 589,666 Total Fixed expenses 1,343,666 Net operating income $ 511,666 (Hint. Use Microsoft Excel to calculate the discount factor( ).) 5. What is the project's internal rate of return? (Round your answer to nearest whole percent.) -%