A bridge design firm is performing an economic analysis of two mutually exclusive designs fora highway overpass. The steel girder option has an initial cost of $2.13 million, and the concrete option...

A bridge design firm is performing an economic analysis of two mutually exclusive designs fora
highway overpass. The steel girder option has an initial cost of $2.13 million, and the concrete
option has an initial cost of $2.41 million. Every 25 years, the steel bridge must be painted at a cost
of $610,000, and all other maintenance costs are the same for both options. The steel bridge is
expected to last 50 years, and concrete bridge is expected to last 75 years. Both are assumed to be
identically replaced indefinitely. Based on the shortest acceptable analysis period for each option,
determine the equivalent uniform annual cost (EUAC) for the best option using an interest rate of
8%. Express your answer in $ to the nearest $1,000.