Required information Use the following information to answer Problems 45 - 47 (Algo) [The following information applies to the questions displayed below.] Washington County's Board of Representatlves is considering the construction of a longer runway at the county alrport. Currently, the alrport can handle only prlvate alrcraft and small commuter jets. A new, long runway would enable the alrport to handle the midsize jets used on many domestic flights. Data pertinent to the board's decision appear below. In addition to the preceding data, two other facts are relevant to the decision. First, a longer runway will require a new snowplow, which will cost $112,000. The old snowplow could be sold now for $10,600. The new, larger plow will cost $13,200 more in annual operating costs. Second, the County Board of Representatlves belleves that the proposed long runway, and the major jet service It will bring to the county, will Increase economic activity in the community. The board projects that the increased economic actlvity will result in $76,240 per year in additional tax revenue for the county. In analyzing the runway proposal, the board has decided to use a 10-year time horlzon. The county's hurdle rate for capltal projects is 12 percent. Use Appendlx A for your reference. Note: Use approprlate factor(s) from the tables provided. PR 16-45 (Algo) Internal Rate of Return; Even Cash Flows (Section 1) (LO 16-1, 16-3) Required: 1. Compute the Inltial cost of the Investment in the long runway. 2. Compute the annual net cost or benefit from the runway. 3-a. Determine the IRR on the proposed long runway. 3-b. Should It be bull considering IRR? Complete this question by entering your answers in the tabs below. Determine the IRR on the proposed long runway. Note: Round your answer to the nearest whole percent. Required information Use the following information to answer Problems 45 - 47 (Algo) [The following information applies to the questions displayed below.] Washington County's Board of Representatlves is considering the construction of a longer runway at the county alrport. Currently, the airport can handle only private alrcraft and small commuter Jets. A new, long runway would enable the alrport to handle the midsize jets used on many domestic flights. Data pertinent to the board's decision appear below. In addition to the preceding data, two other facts are relevant to the decision. First, a longer runway will require a new snowplow, which will cost $112,000. The old snowplow could be sold now for $10,600. The new, larger plow will cost $13,200 more In annual operating costs. Second, the County Board of Representatlves belleves that the proposed long runway, and the major jet service It will bring to the county, will Increase economic activity in the community. The board projects that the Increased economic actlvity will result In $76,240 per year in additional tax revenue for the county. In analyzing the runway proposal, the board has decided to use a 10-year time horlzon. The county's hurdle rate for caplta projects is 12 percent. Use Appendlx A for your reference. Note: Use approprlate factor(s) from the tables provided. PR 16-45 (Algo) Internal Rate of Return; Even Cash Flows (Section 1) (LO 16-1, 16-3) Required: 1. Compute the Inltial cost of the Investment in the long runway. 2. Compute the annual net cost or benefit from the runway. 3-a. Determine the IRR on the proposed long runway. 3-b. Should It be bullt considering IRR? Complete this question by entering your answers in the tabs below. Compute the annual net cost or benefit from the runway