View previous attempt Check my work Required information The Foundational 15 (LO12-1, LO12-2, L012-3, L012-5, LO12-6] The following information applies to the questions displayed below. Cardinal Company is considering a five-year project that would require a $2,955,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: $2,871,000 1,010,000 1,853,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costa Depreciation Total fixed expenses Net operating income $ 753,000 591,000 1,340,000 $ 509,000 Click here to view Exhibit 128-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table Foundational 12-6 6. What is the project's Internal rate of return? (Round your answer nearest whole percent.) Projects internal rate of return % Ready