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The Tennessee Department of Transportation (TDOT) wants to fund a yearly bridge inspection program to inspect all major bridges in the state. The program will
The Tennessee Department of Transportation (TDOT) wants to fund a yearly bridge inspection program to inspect all major bridges in the state. The program will cost $1.2 million to set up, $67,000 each year to operate, and will need $550,000 in new equipment every 5 years to remain state-of-the-art. The legislature has given TDOT $5 million for this new program. The interest rate used to fund these types of program is 6%. Is the $5 million allocation sufficient to completely fund the bridge inspection program for the indefinite future? You will not get any credit for this response unless you provide a numerical justification to your response
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