Consider how Clare Valsey, a popular ski resort, could use capezal budgeting to decide whether Assume that Clare Valloy uses the straight-Ine dopreciation method and expects the the $9.5 million Waterall Park Lodge expansion would be a good invostment lodge expansion to have a residual value of $800,000 at the end of its ten-year life. (Click the icon to view the expansion estimates.) Read the (all numbers assumed): Number of additional skiers per day .............. 123 Average number of days per year that weather conditions allow skiing at Clare Valley.. Useful life of expansion (in years) Average cash spent by each skier per day..........\$ 245 Average variable cost of serving each skier per day . \$ 140 Cost of expansion........................... $9,500,000 Discount rate ........................... 10% 1. Compute the average annual net cash inflow from the expansion. 2. Compute the average annual operating income from the expansion. 3. Compute the payback period. 4. Compute the ARR