Model 99 Hotels is considering the construction of a new hotel for $80 million. The expected life of the hotel is 20 years with no residual value. The hotel is expected to earn revenues of $15 million per year. Total expenses, including straight-line depreciation, are expected to be $6 million per year. Model 99 management has set a minimum acceptable rate of return of 10%. a. Determine the equal annual net cash flows from operating the hotel.