Required information The Foundational 15 (LO12-1, LO12-2, L012-3, L012-5, LO12-6) [The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,890,000 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: $2,739,000 1,100,000 1,639,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $641,000 578,000 1,219,000 $ 420,000 Click here to view Exhibit 128-1 and Exhibit 128-2. to determine the appropriate discount factor(s) 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 50%. What was the project's actual simple rate of retur? (Round your answer to 2 decimal places.) Simple rate of return %