second time posting this question because the last answer i got was wrong... if your answer is 16.74 please do not respond to this question bc it is incorrect:(

Required information [The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,850,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 18%. The project would provide net operating income in each of five years as follows: 52,857,000 1,011,000 1.846,000 Sales Variable expenses Contribution margin Tixed expenses Advertising, salaries, and other fixed out-of-pocket costa Depreciation Total fixed expenses Net operating income 5799,000 370,000 1.365.000 $ 477,000 Click here to view Exhibit 138-1 and Exhibit 138-2. to determine the appropriate discount factors) using table. 15. 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 45%. What was the project's actual simple rate of return? (Round your answer to 2 decimal places.) leraren