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 a period of 30 years. Annual maintenance costs are estimated to be at P 21,606,692 for the 1^st 15 years and P 54,318,680 for the succeeding 15 yea

` Option 2 is to build a partial water pumping plant at a cost of P 1.25 Billion, which would be sufficient for the 1^st 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 1^st 15 years and P3 Million for the succeeding 15 years.

At 20% cpd.-a., what is the Present Value of Option 1?