Use the following information to answer questions 45-47 {The folio wing infom'iation applies to the questions displayed below} Washington County's Board of Representatives is considering the construction of a longer runway at the county airporL Currently. the airport can handle only private aircraft and small commuteriets. A new, long runway would enable the airport to handle the midsize jets used on many domestic ights. Data pertinent to the board's decision appear below. Cost of acquiring additional land for runway $ H.000 Cost of runway construction 265.009 Cost of extending perimeter fence 58.2?9 Cost of runway lights 42.093 Annual cost of maintaining new runway 21.030 Annual incremental revenue from landing fees 58,030 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 $155,000. The old snowplow could be sold now for $16,500. The new. larger plow will cost $14,000 more in annual operating costs. Second, the County Board of Representatives believes that the proposed long runway, and the majorjet service it will bring to the county. will increase economic activity in the community. The board projects that the increased economic activity will result in $?2.000 per year in additional tax revenue for the county. In analyzing the runway proposal, the board has decided to use a 1&year time horizon. The county's hurdle rate for capital projects is 12 percent. Use appendix A for your reference. [Use appropriate factoris} from the tables provided.) Problem 16-45 Internal Rate of Return; Even Cash Flows (Section 1) (LO 16-1, 16-3) Required: 1. Compute the initial 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 built considering IRR? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Compute the initial cost of the investment in the long runway. Initial cost of investment Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Compute the annual net cost or benefit from the runway. Annual net benefit