Consider how White Valley Stream Park Lodge could use capital budgeting to decide whether the $11,000,000 Stream Park Lodge expansion would be a good investment. Assume White Valley's managers developed the following estimates concerning 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 $950,000 at the end of its eight-year life. The average annual operating income from the expansion is $1,427,262 and the depreciation has been calculated as $1,256,250. Calculate the ARR. Round to two decimal places. II ARR : % Data Table 122 skiers 141 days 8 years Number of additional skiers per day Average number of days per year that weather conditions allow skiing at White Valley Useful life of expansion (in years) Average cash spent by each skier per day Average variable cost of serving each skier per day Cost of expansion 238 82 11,000,000 Discount rate 8% ARR II % Amount invested Annual depreciation Average amount invested Average annual net cash inflow Average annual operating income Residual value