Jet present value method$-$annuity for a service company

Stay$-$In$-$Style $($SIS$)$ Hotels Inc. is considering the construction of a new hotel for $$48$ million. The expected life of the hotel is $8$ years with no residual value. The hotel is expected to earn revenues of $$14$ million per year. Total expenses, including depreciation, are expected to be $$10$ million per year. Stay$-$In$-$Style totels' management has set a minimum acceptable rate of return of $12\%.$

Determine the equal annual net cash flows from operating the hotel, Enter your answer in million. Round your answer to two decimal places.

million

$\backslash$table$[[$Present Value of an Annuity of $$1$ at Compound Interest,$],[$Periods$,8\%,9\%,10\%,11\%,12\%,13\%,14\%$