Cardinal Company is considering a five$-$year project that would require a $$2,765,000$ investment in equipment with a

useful life of five years and no salvage value. The company's discount rate is $14\%.$ The project would provide net operating

income in each of five years as follows:

Foundational $12-15($Algo$)$

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.$)$