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Consider how Wolf Valley, a popular ski resort, could use capital budgeting to decide whether the $8 million Brook Park Lodge expansion would Assume that Wolf Valley uses the straight-line depreciation method and expects the lodge expansion to have a residual value of $1,000,000 at be a good investment. the end of its eight-year life. (Click the icon to view the expansion estimates.) Read the requirements. Requirement 1. Compute the average annual net cash inflow from the expansion. First enter the formula, then compute the average annual net cash inflow from the expansion. (Round your answer to the nearest dollar.) i Data Table - X Average annual Number of ski days per year Total net cash inflow net cash inflow Assume that Wolf Valley's managers developed the following estimates 20000 98 1960000 concerning a planned expansion to its Brook Park Lodge (all numbers assumed): Requirement 2. Compute the average annual operating income from the expansion. Number of additional skiers per day . . . . . . . . . . . . . . . 125 First enter the formula, then compute the average annual operating income from the expansion. (Round your answer to the nearest dollar.) Average number of days per year that weather conditions allow skiing at Wolf Valley. . . . . 160 Average annual operating 8 Average annual net cash inflow Annual depreciation expense = income from asset Useful life of expansion (in years) 1960000 875000 1085000 Average cash spent by each skier per day . . . . . . . . . . 3 240 Average variable cost of serving each skier per day . $ 142 Requirement 3. Compute the payback period. Cost of expansion . . . $ 8,000,000 First enter the formula, then compute the payback period. (Enter amounts in dollars, not millions. Round your answer to two decimal places.) Discount rate . . . . . 12% Initial investment Expected annual net cash inflow Payback period 8000000 1960000 4.08 years Print Done Requirement 4. Compute the ARR. First enter the formula, then compute the accounting rate of return. (Enter amounts in dollars, not millions. Enter your answer as a percent rounded to two decimal places.) Accounting Average annual operating income from asset Initial investment = rate of return = |%