A group of businesspeople from Scott Island are considering filing an application with the state banking commission to character a new bank. Due to a lack of current banking facilities within a 10-mile radius of the community, the organizing group estimates that the initial banking facility would cost about $3.3 million to build along with another $500,000 in other organizing expenses and would last for about 25 years. Total revenues are projected to reach to reach $160,000 in 1 year. Revenues are expected to increase 4% annually after the first year, while expenses will grow an estimated 2% annually after 1 year. If the organizers require minimum of a 10% annual rate of return on their investment of capital in the proposed new bank, are they likely to proceed with their character application given the above estimates?