A city is spending $20 million on a new bridge. Operating and maintenance expenses for the bridge are projected to average $0.6 million per year starting year 3 onwards. Major repairs worth $1.5...

A city is spending $20 million on a new bridge. Operating and maintenance expenses for the bridge are projected to average $0.6 million per year starting year 3 onwards. Major repairs worth $1.5 million are expected every 5 years, starting on year 5 and throughout the infinite life of the project. What is the capitalized cost of the bridge project if the city's MARR is at 8%? Draw the cash-flow diagram before solving.