Question 3 [10 marks] a) As an economic adviser to the government, you have been asked to investigate the costs, from various providers, associated with the installation of water salinity and catchment devices along the Murray- Darling river system. There are currently three designs on the market that offer a suitable solution. Experts in the water management industry indicate that 100,000 devices will be required to cover the river system. The three choices that you have identied have the following characteristics: 0 O Water lllnologies Natural Resources Murray Life (WT) (NR) (ML) Initial Outlay (IO) $9,000,000 $23,000,000 $15,000,000 Annual Maintenance (CF) $4,500,000 $3,000,000 $4,000,000 A at rate of 10% is estimated as the risk in both of these projects. Assuming that the government (the eventual buyer of these devices) is not capitally constrained, provide detailed calculations indicating which system you would advise the government to purchase (round to whole dollar values) (10 marks)