a county is considering using a piece of park land for one of two alternative recreation projects.

Project S would require construction costs of $6 million (year 0) and generate net benefits of $1 million per year for 10 years. (Assume the benefits are realized at the ends of years). Project L would require construction costs of $8 million and generate net benefits of $1.3 million per year for 15 years. (Assume the benefits are realized at the ends of years). If these figures are in real dollars, and the real discount rate is 8 percent, which project would the county select ?