The University of Sydney is undertaking a feasibility study on the replacement of a bridge in Darlington. It is anticipated that the new bridge in Darlington will last for 20 years. If the new bridge is constructed the initial investment cost would be $X. It is also expected that there will be 400,000 cars travelling over the bridge annually, each of which will be charged a toll of $0.25/car (Note: tolls are revenue for the developers of the new bridge). There are five staff who collect tolls, each of whom are paid a salary of $10,000 per year. Alternatively, the existing bridge can be refurbished for $1,600,000. If it were to be refurbished, the existing bridge will also last for 20 years. Maintenance costs of the refurbished bridge are expected to be $20,000 annually, as well as an additional cost of $70,000 every five years (not including the 20th year). Cars will not be charged tolls to use the refurbished existing bridge and therefore toll collectors will also not be required. If MARR is 12% per year, what is the maximum investment cost ($X) of the new bridge to make it a more feasible option than refurbishing the existing bridge? O $1,652,425 $1,943,594 O $2,156,209 O None of the provided values O $2,018,641 O $1,570,122