In analyzing the runway proposal, the board has decided to use a $10-$year time horizon. The county's hurdle rate for capital projects is $12$ percent. The County Board of Representatives believes that if the county conducts a promotional effort costing $$22,550$ per year, the proposed long runway will result in substantially greater economic development than was projected originally. However, the board is uncertain about the actual increase in county tax revenue that will result.

Required:

Suppose the board builds the long runway and conducts the promotional campaign. What would the increase in the county's annual tax revenue need to be in order for the proposed runway's internal rate of return to equal the county's hurdle rate of $12$ percent?

Note: Round your intermediate calculations and final answer to the nearest whole dollar.

Required increase in tax revenueRequired information

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Washington County's Board of Representatives is considering the construction of a longer runway at the county airport. Currently, the airport can handle only private aircraft and small commuter jets. A new, long runway would enable the airport to handle the midsize jets used on many domestic flights. Data pertinent to the board's decision appear below.

$\backslash$table$[[$Cost of acquiring additional land for runway,$$78,500$