Question: please write the solution step by step. Example #6 Five years from now, an airport authority intends to rehabilitate its runways at a cost of

please write the solution step by step.

Example #6 Five years from now, an airport authority intends to rehabilitate its runways at a cost of S1.5 million. Ten years from now, the runways will be replaced. At that time, the salvage value of reclaimed materials will be $0.75 million. Assuming a discount rate of 8%, find the combined present worth of these costs

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