A bridge will cost (in the present) $280 million to build, will be completed by next year, and will start producing the benefits next year, $8 million per year. It will cost $1 million a year to maintain (starting next year, too). It is expected that the bridge will last for a long time. The market interest rate is 5%. Approximate (with the formula for perpetuity) the present value of the bridge project (including the cost of construction, benefits, and the cost of maintenance).
The moment you’ve entered the education system is the moment you start to realize that, although studying is extremely important,…
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