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2. Marge's Campground is considering adding a miniature golf course to its facility. The course equipment she wants would cost $500,000, and would be depreciated on a straight-line basis over 8 years with zero salvage value. However, Marge estimates that the project will be run for 4 years only, and a 4-year time horizon will be used. Further, assume that the company can sell the equipment for $250,000 at the end of year 4 . Marge estimates the income from the golf fees would be $280,000 a year with $100,000 variable cost. The fixed cost would be $50,000. The project will require $40,000 of net working capital which is recoverable at the end of the project. Assume a 20\% marginal tax rate for the company and the project's required rate of return of 12 percent. a. Calculate annual operating CFs for the miniature golf facility for years 14. Show your work. b. What is the BV of the equipment at the end of year 4 ? Is there a tax liability or tax credit on the sale of the equipment? Calculate total CF for year 4 including the Terminal value. c. What is the IRR of this project? Would you accept this project