Municipal highway department needs to repave section

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A municipal highway department needs to repave a section of roadway. Concrete would cost $500,000, and lasts for 20 years. Asphalt can also be used, but it only lasts for 15 years, and requires resealing after 8 years at a cost of $50,000. At what cost of asphalt would it make sense to pave with that material? Use i = 6%.

Reference no: EM131133710

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