A new water treatment plant is to be installed by the Beaver Water District. The initial installation costs $60 million (M). Minor replacement and renovation (R&R) is required after 10 years at a cost of $11M; major R&R at a cost of $25M is required 20 years after the initial installation. The 20-year cycle of minor and major replacements and renovations repeats indefinitely. Annual O&M cost the first year is $7M; thereafter, O&M cost increases at a rate of $0.15M per year. Annual O&M cost the 1st year after the minor replacement and renovation is $8.50M; thereafter, for the balance of the 20-year cycle, O&M cost increases at a rate of 6% per year. Based on a 4% MARR, what is the capitalized cost for the water treatment plant?