Problem 14: The Super Carry, a domestic shipping line, has recently commissioned a new passenge ship. the The new ship can carry up to 2,000 passengers. It was purchased by Super Carry at a cost of P300 million. Its estimated useful life is 10 years, with a salvage value of P40 million at the end of its service life. 5020 is t to have 300 voyagedays per year with an average of 80% occupancy rate. The revenue from each passenge estimated at P250 per day, while daily variable costs per passenger is P100. Annual xed cost of operating tl ship, exclusive of depreciation. is estimated at P20 million per year. Super Carry pays tax at a rate of 32% of income before tax. 1} What is the annual net cash inow from operating SIS20? 2} In how many years can SuperCarry recover the initial cost of investment in 5020? 3} What is the expected ARR based on the initial investment in SC20? 4} What is the ARR based on the average investment in 5020