P.5) A municipal city is trying to decide whether to build a parking garage. An engineering plan calculates that the building will cost $2.4 million and that it will cost $240,000 per year to operate. Our analysis of operating revenue determines that the garage will start to earn revenues of $550,000 per year starting in the second year. This city is interested in knowing whether this project will be profitable over the next eight years at i = 9%. (14 pts.)