Value Lodges owns an economy motel chain and is considering building a new 200-unit motel. The cost to build the motel is estimated at \($8\),000,000; Value Lodges estimates furnishings for the motel will cost an additional \($700\),000 and will require replacement every 5 years. Annual operating and maintenance costs for the motel are estimated to be \(\$ 800,000\). The average rental rate for a unit is anticipated to be \(\$ 40 /\) day. Value Lodges expects the motel to have a life of 15 years and a salvage value of \(\$ 900,000\) at the end of 15 years. This estimated salvage value assumes that the furnishings are not new. Furnishings have no salvage value at the end of each 5-year replacement interval. Assuming average daily occupancy percentages of 50 percent, 60 percent, 70 percent, and 80 percent for years 1 through 4, respectively, and 90 percent for the fifth through fifteenth years, MARR of 12 percent/year, 365 operating days/year, and ignoring the cost of land, should the motel be built? Base your decision on a present worth analysis.