The government has two (2) plans to deal with their water supply problem in Zamboanga. Option 1 is to build a complete water pumping plant costing P 2 billion, which would meet all needs during the 15t 34 years. Annual maintenance costs are estimated to be at P 20M for the 1st 16 years and P 22.247,478 for the succeeding years, which is the difference between 34 years and 16 years. Option 2 is to build a partial water pumping plant at a cost of P 1.25 Billion, which would be sufficient for the 15t 15 years. At the end of 15 years, the pumping plant will be completed at an estimated cost of P 1.5 Billion. Annual maintenance cost is P 1.5 Million during the 1st 15 years and P3 Million for the succeeding 15 years. At 22% cpd.-a.. what is the Present Value of Option 1