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 midsizejets used on many domestic ights. Data pertinent to the board's decision appear below. Cost of acquiring additional land for runway $ 63,666 Cost of runway construction 365,666 Cost of extending perimeter fence 19,886 Cost of runway lights 32,666 Annual cost of maintaining new runway 16,666 Annual incremental revenue from landing fees 25,666 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 $115,000. The old snowplow could be sold now for $11,500. The new, larger plow will cost $1,000 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 $T6,000 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 Prepare a net-present-value analysis of the proposed long runway. (Round your "Annuity discount factor" to 3 decimal places. Amounts to be deducted should be indicated by a minus sign.) Additional tax revenue Incremental operating costs for new snow plow Incremental revenue from landing fees Runway maintenance Annual incremental benefit 0 Annuity discount factor Present value of annual benefits Initial costs: Add: Salvage value of old snow plow Less: Extension of perimeter fence Less: Land acquisition Less: New snow plow Less: Runway construction Less: Runway lights Net present value 0In 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. The County Board of Representatives believes that if the county conducts a promotional effort costing $30,500 per year, the proposed long runway will result in substantially greater economic development than was projected originally. However, the board is uncertain about the actual increase in county tax revenue that will result Required: Suppose the board builds the long runway and conducts the promotional campaign. What would the increase in the county's annual tax revenue need to be in order for the proposed runway's internal rate of return to equal the county's hurdle rate of12 percent? [Round your intermediate calculations and nal answer to the nearest whole dollar.}