29. An asset has an average return of 10.37 percent and a standard deviation of 22.74 percent. What is the most you should expect to lose in any given year with a probability of 2.5 percent?

22. Outdoor Sports is considering adding a putt putt golf course to its facility. The course would cost $187,000, would be depreciated on a straight-line basis over its 5-year life, and would have a zero salvage value. The sales would be $91,500 a year, with variable costs of $28,400 and fixed costs of $13,000. In addition, the firm anticipates an additional $23,300 in revenue from its existing facilities if the putt putt course is added. The project will require $3,600 of net working capital, which is recoverable at the end of the project. What is the net present value of this project at a discount rate of 10 percent and a tax rate of 35 percent?

21. Cirice Corp. is considering opening a branch in another state. The operating cash flow will be $210,600 a year. The project will require new equipment costing $595,000 that would be depreciated on a straight-line basis to zero over the 4-year life of the project. The equipment will have a market value of $179,000 at the end of the project. The project requires an initial investment of $41,500 in net working capital, which will be recovered at the end of the project. The tax rate is 34 percent. What is the project's IRR?