Required information (The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,845,000 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: $2,869,000 1,126,000 1,743,000 Salen Variable expenses Contribution margin Fixed expenses Advertising, salaries, and other fixed out-of-pocket conta Depreciation Total fixed expenses Net operating income $709,000 569.000 1,278,000 $ 465,000 Click here to view Exhibit 148-1 and Exhibit 148-2. 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 retum