Required: th 2022, the California Air Resources Board (CARB) started planning its "Phase 3" requirements for reformulated gasoline (RFF). RFG is gasoline blended to tight specifications designed to reduce pollution from motor vehicles. CARB consulted with refiners, environmentalists, and other interested parties to design these specifications. As the outine for the Phase 3 requirements emerged, refiners realized that substantial copital investments would be required to upgrade California refinerles. Assume a refiner is contemplating an investment of $400 million to upgrade its California plant. The investment lasts for 25 years and does not change raw material and operating costs. The real (inflation-adjusted) cost of capital is 7% How much extre revente would be needed each year to recover that cost? Note: Round your answer to 2 decimal places. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect