Question: (3 points) The City Council does not think that the WTP estimates above incorporate time sufficiently (afterall once the park is created, it will last
(3 points) The City Council does not think that the WTP estimates above incorporate time sufficiently (afterall once the park is created, it will last forever if maintained properly). The council determines that for a 500 acre park, the citizens will benefit by about $164/year starting in year 1 (as per the results of the survey) while costs will be high in year 0 at $500 but in subsequent years will only amount to a nominal maintenance cost of $5/year. At an interest rte of 5%, how long must this park be around before the net benefits are positive? Please show all calculations for full credit
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