The Golf Club is considering adding a driving range to its facility. The range would cost $70,000, would be depreciated on a straight-line basis over its three-year life, and would have a zero salvage value. The anticipated revenue from this project is $62,500 a year with $18,000 of that amount being variable costs. The fixed cost would be $15,000. The project requires $2,000 of net working capital, which is recoverable at the end of the project. If the tax rate is 34 percent, find the internal rate of return on this project. 9.84% 9.27% 8.16% 10.53% 7.45%