A state park is proposing to build a new pedestrian bridge along a hiking trail that will have a life of 24 years. The initial cost is expected to be 85,000 and annual maintenance costs are $2000. In addition, every 3 years weather proofing paint must be applied at a cost of $6000. The bridge will require an external inspection every 6 years at a cost of $3000, but no action is anticipated as a result of the inspection.

Question: Determine the EAC of the bridge if the interest rate is 8%. (Determine contribution to the EAC of each element of the cash flow; first cost, annual maintenance, paint, external inspection.)