User Girlfriends Joan is thinking of remodeling the J Spot. The lounge accepted a bid of $24,000 for the remodeling. The expected useful life of the remodeling is 4 years, at which time William will purchase the lounge and will be the new owner. He heard from Lynn that the cost of capital is 9% (compounded annually). Darnell and Maya calculated the profits generated as a result of the remodeling will be $7,000, $6,000, $5,000, and $4,000 for years one through four respectively. Calculate: Annual depreciation expense Annual cash inflows Average Rate of Return Average Payback Period Actual Payback Period Net Present Value Benefit/Cost Ratio Internal Rate of Return (< = > than 9%) Based on these answers, would you accept or decline