11-30. A highway bridge is being considered for replacement. The new bridge would cost $X and would last for 20 years. Annual maintenance costs for the new bridge are estimated to be $24,000. People will be charged a toll of $0.25 per car to use the new bridge. Annual car traffic is estimated at 400,000 cars. The cost of collecting the toll consists of annual salaries for five collectors at $10,000 per collector. The existing bridge can be refurbished for $1,600,000 and would need to be replaced in 20 years. There would be additional refurbishing costs of $70,000 every five years and regular annual maintenance costs of $20,000 for the existing bridge. There would be no toll to use the refurbished bridge. If MARR is 12% per year, what is the maximum acceptable cost (X) of the new bridge? (11.2)

(a) $1,943,594

(b) $2,018,641

(c) $1,652,425

(d) $1,570,122

(e) $2,156,209