1. A new bridge with a 100-year life is expected to have an initial cost of Birr 20 million. This bridge must be resurfaced every five years, at a cost of Birr 1 million. The annual inspection and operating costs are estimated to be Birr 50 000. Determine the present-worth cost of the bridge using the capitalized equivalent approach (i.e., take the life of the bridge as infinite). The interest rate is 10% per year, compounded annually.