Washington County's Board of Representatives is considering the construction of a longer runway at the county airport. Currently, the airport can handle only private aircraft and small commuterjets. 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 $ 63,668 Cost of runway construction 385,668 Cost of extending perimeter fence 19,888 Cost of runway lights 32,668 Annual cost of maintaining new runway 16,668 Annual incremental revenue from landing fees 25,668 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 $115,080. The old snowplow could be sold now for $11,500. The new, larger plow will cost $1000 more in annual operating costs. Second, the County Boa rd 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 $76,800 per year in additional tax revenue for the county. In analyzing the runway proposal, the board has decided to use a 10-year time horizon. The county's hurdle rate for capital projects is 12 percent J u I I u I Compute the initial cost of the investment in the lung runway. Compute the annual net cost or benefit from the runway. Annual net benefitDetermine the IRR on the proposed long runway. (Round your answer to the nearest whole percent.) IRR %