Rapp Hardware is adding a new product line that will require an investment of $1,476,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $300,000 the first year, $290,000 the second year, and $260,000 each year thereafter for eight years. Assume the project has no residual value. Compute the ARR for the investment. Round to two places. Select the formula, then enter the amounts to calculate the ARR (accounting rate of return) for the new product line. (Round ARR to the nearest hundredth percent [two decimal places], X.XX%.) ARR % Question Help Consider how McKnight Valley Waterfall Park Lodge could use capital budgeting to decide whether the $13,500,000 Waterfall Park Lodge expansion would be a good investment. Assume McKnight Valley's managers developed the following estimates concerning the expansion: (Click the icon to view the estimates.) Assume that McKnight Valley uses the straight-line depreciation method and expects the lodge expansion to have a residual value of $850,000 at the end of its eleven-year life. The average annual net cash inflow from the expansion is expected to be $2.940,600. Compute the payback for the expansion project. Round to one decimal place. Payback i Data Table years 116 skiers 150 days 11 years Number of additional skiers per day Average number of days per year that weather conditions allow skiing at Mcknight Valley Useful life of expansion (In years) Average cash spent by each skler per day Average variable cost of serving each skier per day Cost of expansion Discount rale $ 246 77 13,500,000 8% Print Done Choose from any list or enter any number in the input fields and then continue to the next