The City and County of Denver recently completed a $45 million renovation of City Park Golf Course. To complete the renovation, the course had been closed to the public for 2.5 years (planned re-opening was Spring 2020). The project updated the course, built a new clubhouse that can accommodate golf and community events, resulted in a "net gain of 500 trees", and reduced flood risk "for thousands of homes". 1 All of these updates are expected to provide either increased revenue or reduced costs. Assume the $45 million cost was paid upfront by Denver and the following are the estimated cash receipts and disbursements associated with the project.2 If the cost of capital is 6%, does the project make sense based on NPV and IRR over a 30-year useful life? Does your finding change if Year Disbursements ($) Receipts ($) 45000000 Net Cash Flow (S) -45000000 1 0 2 0 0 0 3 13000000 15500000 2500000 4 13390000 15965000 2575000 5 13791700 16443950 2652250 6 14205451 16937269 2731818 7 14631615 17445387 2813772 8 15070563 17968748 2898185 9 15522680 18507811 2985131 10 15988360 19063045 3074685 11 16468011 19634936 3166925 12 16962051 20223984 3261933 13 17470913 20830704 3359791 14 17995040 21455625 3460585 15 18534892 22099294 3564402 16 19090938 22762273 3671334 17 19663666 23445141 3781474 18 20253576 24148495 3894919 19 20861184 24872950 4011766 20 21487019 25619138 4132119 21 22131630 26387712 4256083 22 22795579 27179344 4383765 23 23479446 27994724 4515278 24 24183829 28834566 4650736 25 24909344 29699603 4790259 26 25656625 30590591 4933966 27 26426323 31508309 5081985 28 27219113 32453558 5234445 29 28035686 33427165 5391478 30 28876757 34429980 5553223