Consider how Jackson Hole Ski Lodge could use capital budgeting to decide whether a $$13,000,000$ lodge expansion would be a good investment. Assume Jackson Hole Ski Lodge's managers developed the following estimates concerning the expansion:

View the estimates.

Assume that Jackson Hole Ski Lodge uses the straight$-$line depreciation method and expects the lodge expansion to have a residual value of $$850,000$ at the end of its $10-$year life. The average annual operating income from the expansion is $$1,608,150$ and the depreciation has been calculated as $$1,215,000.$

Calculate the ARR. Round to two decimal places.

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