Amenity Hotels Inc. is considering the construction of a new hotel for $64 million. The expected life of the hotel is 8 years with no residual value. The hotel is exp earn revenues of $19 million per year. Total expenses, including depreciation, are expected to be $14 million per year. Amenity Hotels' management has set a mir acceptable rate of return of 10%. a. Determine the equal annual net cash flows from operating the hotel. Enter your answer in million. Round your answer to two decimal places. million i Present Value of an Annuity of $1 at Compound Interest Periods 8% 9% 10% 11% 12% 13% 14% 1 0.92593 0.91743 0.90909 0.90090 0.89286 0.88496 0.87719 2 1.78326 1.75911 1.73554 1.71252 1.69005 1.66810 1.64666 3 2.57710 2.53129 2.48685 4 3.31213 3.23972 2.44371 3.16987 3.10245 5 3.99271 3.88965 6 2.40183 2.36115 2.32163 3.03735 2.97447 2.91371 3.79079 3.69590 3.60478 3.51723 3.43308 4.62288 4.48592 4.35526 4.23054 7 5.20637 5.03295 4.86842 4.71220 8 5.74664 5.53482 5.33493 5.14612 4.96764 4.79677 4.11141 3.99755 3.88867 4.56376 4.42261 4.28830 4.63886 9 6.24689 5.99525 5.75902 5.53705 5.32825 5.13166 4.94637 10 6.71008 6.41766 6.14457 5.88923 5.65022 5.42624 5.21612 b. Compute the net present value of the new hotel, using the present value of an annuity of $1 table above. Round to the nearest million dollars. If required, use minus sign to indicate a negative net present value. Net present value of hotel project: $ million c. Does your analysis support construction of the new hotel? , because the net present value is