Amenity Hotels Inc. is considering the construction of a new hotel for $81 million. The expected life of the hotel is 8 years with no residual value. The hotel is expected to earn revenues of $25 million per year. Total expenses, including depreciation, are expected to be $18 million per year. Amenity Hotels' management has set a minimum acceptable rate of return of 12%.

Determine the equal annual net cash flows from operating the hotel. Enter your answer in million.Round your answer to two decimal places.

$___?___million

Compute the net present value of the new hotel, using thepresent value of an annuityof $1 table above.Round to the nearest million dollars.If required, use the minus sign to indicate a negative net present value.

Net present value of hotel project: $__?__million

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