The recreation department for Southampton Ontario is trying to decide how to develop a piece of land. It has narrowed the choices down to tennis courts or a swimming pool. The swimming pool will cost $2.5 million to construct and will cost $300 000 per year to operate, but will bring benefits of $475 000 per year over its 25-year expected life. Tennis courts would cost $200 000 to build, cost $20 000 per year to operate, and bring $60 000 per year in benefits over their eight-year life. Both projects are assumed to have a salvage value of zero years. The appropriate MARR is 5%. a) Which project is preferable? Use a BCR and an annual worth approach. b) Which project is preferable using a BCRM and an annual worth approach?