Cardinal Company is considering a five-year project that would require a $2,845,000 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 Variable expenses Contribution margin $ 2,869,000 1,126,000 1,743,000 Fixed expenses: Advertising, salaries, and other fixed out- of-pocket costs $ 709,000 Depreciation 569,000 Total fixed expenses Net operating income 1,278,000 $ 465,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table. 8. What is the project's simple rate of return for each of the five years? (Round your answer to 2 decimal places.) Simple rate of return %