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 1,101,200 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 $ 785,000 574,000 1,279,000 $ 481,000 Click here to view Exhibit 14B1 and Exhibit 1482. to determine the appropriate discount factors) 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 %