Economics An environmental consultant is considering the installation of a water storage tank for a client. The tank is estimated to have an initial cost of $352,000, and annual maintenance costs are estimated to be $7,000 per year. As an alternative, a holding pond can be provided a short distance away at an initial cost of $203,000 for the pond plus $90,000 for pumps and piping. Annual operating and maintenance costs for the pumps and holding pond are estimated to be $16,000. The planning horizon is 20 years, and at that time, neither alternative has any salvage value. MARR is 17 %/year. A. What is the present worth of each alternative? Storage tank: Holding pond