Chadron Sports is considering adding a miniature golf course to its facility. The course would cost

$$138,000,$ would be depreciated on a straight$-$line basis over its five$-$year life, and would have a zero

salvage value. The estimated income from the golfing fees would be $$72,000$ a year with $$24,000$ of

that amount being variable cost. The fixed cost would be $$11,600.$ In addition, the firm anticipates an

additional $$14,000$ in revenue from its existing facilities if the golf course is added. The project will

require $$7,000$ of net working capital, which is recoverable at the end of the project. What is the net

present value of this project at a discount rate of $12$ percent and a tax rate of $34$ percent?

$$14,438\mathrm{.}78$

$$12,708\mathrm{.}48$

$$11,757\mathrm{.}49$

$$10,631\mathrm{.}16$

$$14,900\mathrm{.}41$