The Foundational 15 (Algo) (L012-1, LO12-2, L012-3, LO12-5, L012-6) [The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,870,000 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: Sales $ 2,863,000 Variable expenses 1.101,000 Contribution margin 1,760,000 Tixed expenses: Advertising. salaries, and other fixed out-of-pocket conta $ 705,000 Depreciation 574.000 Total fixed expenses 1.279.000 Net operating income $ 481,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2. to determine the appropriate discount factor(s) using table. Foundational 12-15 (Algo) 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 return? (Round your answer to 2 decimal places.) Simple rate of retum