Consider how Preston Valley Brook Park Lodge could use capital budgeting to decide whether the $11,500,000 Brook Park Lodge expansion would be a good investment. Assume Preston Valley's managers developed the following estimates concerning the expansion: (Click the icon to view the estimates.) Assume that Preston Valley uses the straight-line depreciation method and expects the lodge expansion to have a residual value of $850,000 at the end of its twelve-year life. The average annual net cash inflow from the expansion is expected to be $2,827,398. Compute the payback for the expansion project. Round to one decimal place. Payback years Data table Number of additional skiers per day Average number of days per year that weather conditions allow skiing at Preston Valley 118 skiers 147 days Useful life of expansion (in years) 12 years Average cash spent by each skier per day $ 243 Average variable cost of serving each skier per day 80 Cost of expansion 11,500,000 Discount rate 12% Print Done