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Consider how Root Valley Brook Park Lodge could use capital budgeting to decide whether the $12,000,000 Brook Park Lodge expansion would be a good investment. Assume Root Valley's managers developed the following estimates concerning the expansion: (Click the icon to view the estimates.) Assume that Root 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 eleven-year life. The average annual operating income from the expansion is $1,809,053 and the depreciation has been calculated as $1,000,000. Calculate the ARR. Round to two decimal places. i = Average amount invested 6,500,000 * - X Average annual operating income 1,809,053 ARR 27.83 % Data Table / $ Number of additional skiers per day 117 skiers Average number of days per year that weather conditions allow skiing at Root 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 151 days 11 years 241 82 12,000,000 Discount rate 10% Print Done