Required information The Foundational 15 (L012-1. L012-2, L012-3, L012-5, L012-6) {The following information applies to the questions displayed below) Cardinal Company is considering a five-year project that would require a $2,850,000 investment in equipment with a useful 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: $ 2,857,900 1,011,000 1,346,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net Operating income $ 799,000 570,000 1,369.000 $ 477,000 Click here to view Exhibit 12B1 and Exhibit 12B-2. to determine the appropriate discount factors) using table. Foundational 12-15 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 45% What was the project's actual simple rate of return? (Round your answer to 2 decimal places.) Simple rate of retum