QID 441. More than seventy years after it was built, the Pinto Creek Bridge near Miami,
Arizona is finally being replaced. This bridge will be the first to use the new composite
material 809/CM developed at ASU. The annual equivalent cost to construct the new bridge
is estimated to be $996,172, and the life of the new bridge is considered infinite for an
economic analysis. At an effective annual interest rate of 3.9%, what is the present worth of
the construction costs? (Round answer to nearest dollar)
