The Foundational 15 (Algo) [LO14-1, LO14-2, LO14-3, LO14-5, LO14-6] [The following information applies to the questions displayed below]. Cardinal Company is considering a five-year project that would require a $2,810,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: Click here to view Exhibit 148-1 and Exhibit 14B-2, to determine the appropriate discount foctor(s) using table. Foundational 14-8 (Algo) 8. What is the project's simple rate of return for each of the five years? (Round your answer to 2 decimal places.)