A city's administration is considering refurbishing the lighting system of its administration building. The city office has narrowed down the choices to the following two options:

• OPTION 1: an ergolight system that costs $500,000 to purchase and install. The energy cost for option 1 is $20,000 and its maintenance cost is $2,000
• OPTION 2: a conventional system that costs $100,000 to purchase and install. The energy cost for option 2 is $50,000 and its maintenance cost is $10,000

Bost systems are expected to last for 20 years. Assume that the discount rate is 4% and all future costs are paid at the end of the year.

Which lighting system should the city select - create a LCC calculation and explain why option 1 or option 2 is better