The Grissom Golf Club (GGC) has decided to construct forward tees on its 18 -hole course. The estimated construction cost is $50,000. The GGC's owner, Gayle Grissom, believes many more rounds of golf will be played and other profit centers will also benefit. Her estimates on an annual basis for ten years are as follows: a. Increased maintenance =$5,000 b. Increased green fees (2,000 rounds at $10 per round )=$20,000 c. Increased food sales (net of related costs) =$2,000 d. Increased miscellaneous sales (shirts, clubs, etc.) =$8,000 e. Increased cost of miscellaneous sales and related variable costs =$6,000 Required: 1. What are the annual net cash flows? 2. Determine the net present value of this proposed investment given a discount rate of 12 percent