The city council has approved the building of a new bridge over Running Water Creek. The bridge will cost $15,000 for initial construction and have an annual maintenance cost of $700. The council...

Can some one please help me to answer the following question. PLEASE AND THANK YOU!!!!


Extracted text: The city council has approved the building of a new bridge over Running Water Creek. The bridge will cost $15,000 for initial construction and have an annual maintenance cost of $700. The council plans to withdraw money from the city's Bridges and Highways account to open a special account to cover the initial construction and to fund a perpetuity to cover the maintenance costs forever. How much money must be withdrawn from the Bridges and Highways account if the city can expect to earn 4% on the special account? O a) $700 O b) $15,000 Oc) $32,500 O d) $15,700