Upon completion of your Business Degree you decide you have the necessary skills to go into business for yourself. Consequently, you decide to open a golf driving range. You already own a large tract of land that you purchased in 1995 for $250,000 and that is currently worth $700,000. You would have to clear, level and sod the land, as well as install a sprinkler system, which would cost another $90,000. For tax purposes these costs have to be written off over a five-year period (S/L). Installation of tee markers, mats and a sales office and storage building would cost another $80,000, which also has to be written off over five years for tax purposes. A tractor with cage and ball retriever would cost approximately $12,000, and would be written off over 3 years. You estimate that in any given year the range will be open for 200 days and that in an average day there will be 100 buckets of balls sold at $6 per bucket. You will have to pay two employees a total of $45,000 per year to operate and maintain the facility, and another $6,500 per year for new balls and buckets. Another $3,500 per year in miscellaneous expenses can be expected. In five years you expect to close the range and sell the land for $800,000, net of the costs of razing the office and storage building. Your marginal tax rate is 30%. Assuming that, based on the risk of the venture, you require a 17% rate of return on your investment, should you embark on this new venture? (hint: you will need to project the relevant cash flows out in time and then calculate the NPV)