Required information The Foundational 15 (Algo) [LO12-1, LO12-2, LO12-3, LO12-5, L012-6] [The following information applies to the questions displayed below.] Cardinal Company is considering a flve-year project that would require a $2.955,000 investment in equipment with a usefur 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: Click here to view Exhibit 128-1 and Exhibit 128-2, to determine the appropriate discount factor(s) using toble. Foundational 12-15 (Algo) 15. Assume a postaudit showed that alf estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 45%. What was the project's actual simple rate of return? (Round your answer to 2 decimal places.)