Cardinal Company is considering a five-year project that would require a $2,755,000 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: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed Depreciation out-of-pocket costs Total fixed expenses $ 2,875,000 1,124,000 1,751,000 $ 721,000 551,000 1,272,000 $479,000 Net operating income Click here to view Exhibit 128-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table. Foundational 12-8 (Algo) 8. What is the project's simple rate of return for each of the five years? (Round your answer to 2 decimal places.) Simple rate of return 14.00 %