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, e90 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 5705,000 574,000 1,279,000 $ 481,000 Click here to view Exhiblt 148-1 and Exhibit 14B-2, to determine the appropriate discount factors) 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 return %