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The Murphy County Fire Department is considering two options for upgrading its aging physical facilities. Plan A involves remodeling the ?re stations on Alameda Avenue and Trowbridge Boulevard that are 57 and 61 years old, respectively. (The industry standard is about 50 years of use for a station.) The cost for remodeling the Alameda station is estimated at $952,000 while the cost of redoing the Trowbridge station is $1.3 million. Plan B calls for buying 5 acres of land somewhere between the two stations, building a new ?re station, and selling the land and structures at the previous sites. The cost of land in that area is estimated to be $366,000 per acre. The size of the new ? re station would be 9000 square feet with a construction cost of $151.18 per square foot. Contractor fees for overhead, pro?t, etc. are expected to be $340,000, and architect fees will be $81,500. (Assume all of the costs for plan B occur at time 0.) If plan A is adopted, the extra cost for personnel and equipment will be $126,000 per year. Under plan B, the sale of the old sites is anticipated to net a positive $500,000 ?ve years in the future. Use an interest rate of 6% per year and a 50 year useful life for the remodeled and new stations to determine which plan is better on the basis of a present worth analysis.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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