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Required information The Foundational 15 (Algo) [LO12-1, LO12-2, LO12-3, LO12-5, LO12-6] [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,860,000 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: Click here to view and to determine the appropriate discount factor(s) using table. oundational 12-15 (Algo) 5. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, hich actually turned out to be 50%. What was the project's actual simple rate of return? (Round your answer to 2 decimal places.)