10. The city council has approved the building of a new bridge over Running Water Creek. The...

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10. The city council has approved the building of a new bridge over Running Water Creek. The bridge will cost $17,000 for initial construction and have an annual maintenance cost of $1,000. The council plans to withdraw money from the city’s Bridges and Highways account to open a special account to cover the initial construction and to fund a perpetuity to cover the maintenance costs forever. How much money must be withdrawn from the Bridges and Highways account if the city can expect to earn 5 percent on the special account?

a. $1,000

c. $18,000

b. $17,000

d. $37,000

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