Required information The Foundational 15 (Algo) [LO12-1, LO12-2, LO12-3, LO12-5, LO12-6] [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 lefe of five years and no salvage value. The company's discount tate is 12%. The project would provido net operating income in eoch of flve yeors as follows: Click here to view Exhibit 128-1 and Exhibit128-2. to determine the appropriate discount factoris) using table. Foundational 12-8 (Algo) 8. What is the project's simple rate of return for each of the five years? (Round your answer to 2 decimal places.)