A municipal waste treatment plant with state-of-the-art environmental technology and controls is being installed by Forsythe County. The initial installation costs $ 14 million. Minor repairs and renovations are required after 6 years at a cost of $ 4 million; major repair, replacement, and renovations are required 4 years after the minor repairs and renovations at a cost of $ 8 million. The 10-year cycle of minor and major repairs/replacements/renovations repeats indefinitely. Annual O&M cost the first year is $ 1.4 million; during the 6-year period, operating and maintenance (O&M) cost increases at a rate of 4% per year. Annual O&M cost the first year following minor repairs/renovations is $ 2.0 million; during the 4-year period, O&M cost increases at a rate of $ 200,000 per year. The 10-year O&M cost cycles repeat indefinitely. Based on a 4% MARR, what is the capitalized cost for the waste treatment plant?