You are considering developing an 18-hole championship golf course that requires an investment of $24,000,000. This investment cost includes the course development, club house, and golf carts. Once constructed, you expect the maintenance cost for the golf course to be $660,000 in the first year, $725,000 in the second year and continue to increase by $65,000 in subsequent years. The net revenue generated from selling food and beverage will be about 12% of greens fees paid by the players. The cart fee per player is $17, and 44,000 rounds of golf are expected per year. You will own and operate the course complex for 9 years and expect to sell it for $30,000,000. What is the greens fee per round that will provide a return on investment of 12% ? Assume that the greens fee will be increased at an annual rate of 4%. Click the icon to view the interest factors for discrete compounding when i=4% per year. Click the icon to view the interest factors for discrete compounding when i=12% per year. The greens fee that will provide a return on investment of 12% is $ per round. (Round to the nearest cent.)