A partnership has been formed between a county and a local construction company to attract a professional football team to the area. The primary options considered are to either develop (1) a domed arena or (2) a conventional stadium, one of which will definitely be built. Ultimately, the selected option will have a useful life of 50 years. The domed arena will cost $200 million to construct and require maintenance and operating costs of $360000 the first year, increasing by $10000 per year thereafter. In 25 years, a remodeling expenditure of $4.8 million is anticipated. Alternatively, the conventional option will only cost $50 million to construct and require maintenance and operating costs of $175000 the first year, increasing by $8000 per year thereafter. Periodic costs for repainting and resurfacing for the stadium are approximated at $100000 every 10 years, except in year 50. Of benefit to the public, the construction of either project is expected to bring significant revenue to the county. Revenue from the domed arena is expected to be greater than that of the conventional option by $10,900,000 the first year, with amounts increasing by $200,000 per year through year 15. Thereafter, the extra revenue from the dome is expected to remain constant at $13.7 million per year. Assuming that both structures will have a salvage value of $5 million, determine which structure should be built. Use an interest rate of 8% per year. A partnership has been formed between a county and a local construction company to attract a professional football team to the area. The primary options considered are to either develop (1) a domed arena or (2) a conventional stadium, one of which will definitely be built. Ultimately, the selected option will have a useful life of 50 years. The domed arena will cost $200 million to construct and require maintenance and operating costs of $360000 the first year, increasing by $10000 per year thereafter. In 25 years, a remodeling expenditure of $4.8 million is anticipated. Alternatively, the conventional option will only cost $50 million to construct and require maintenance and operating costs of $175000 the first year, increasing by $8000 per year thereafter. Periodic costs for repainting and resurfacing for the stadium are approximated at $100000 every 10 years, except in year 50. Of benefit to the public, the construction of either project is expected to bring significant revenue to the county. Revenue from the domed arena is expected to be greater than that of the conventional option by $10,900,000 the first year, with amounts increasing by $200,000 per year through year 15. Thereafter, the extra revenue from the dome is expected to remain constant at $13.7 million per year. Assuming that both structures will have a salvage value of $5 million, determine which structure should be built. Use an interest rate of 8% per year