Consider how While Valley Waterfall Park Lodge could use capital budgeting to decide whether the $13,000,000 Waterfall Park Lodge expansion would be a good investment. Assume White Valey's managers developed the following estimates conceming the expansion (Click the icon to view the estimates.) Assume that White Valley uses the straight-line depreciation method and expects the lodge expansion to have a residual value of $1,000,000 at the end of its eight-year life. The average annual operating income from the expansion is $1,285,856 and the depreciation has been calculated as $1,500,000 Calculate the ARR. Round to two decimal places. ARR CD