Fresno Campground is considering adding a driving range to its facility. The range would cost $60,000, would be depreciated on a straight-line basis over its 6-year life, and would have a zero salvage value. The anticipated revenue from the project is $46,000 a year with $10,000 variable cost. The fixed cost would be $6,000. The project will require $6,000 of net working capital each year, which is recoverable at the end of the project. What is the internal rate of return on this project at a tax rate of 21 percent?

1. 		32.37 percent
   		30.62 percent
   		26.17 percent
   		28.42 percent