Section of roadway or completely resurface the section

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A highway department is trying to decide whether to patch a section of roadway or completely resurface the section. Patching will last two years and require 300 cubic yards of material that costs $700 per cubic yard and $24,000 to improve the roadway shoulders at the same time and another $5,000 per year to maintain the patched up road. Resurfacing the road will cost $850,000 and $2,000 per year to maintain beginning 3 years from now. The useful life of both alternatives is 10 years. At an interest rate of 8% per year, the annual worth of the Patching alternative is closest to $_____ per year.

Reference no: EM131160553

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