Question: 6. A New York city engineer knows that she will need $150 million in 9 years to implement new automated toll booths on a
6. A New York city engineer knows that she will need $150 million in 9 years to implement new automated toll booths on a toll road in the city. Traffic on the road is estimated to be 5 million vehicles per year. How much per vehicle should the toll be to cover the cost of the toll booth replacement project in 9 years? Interest is 5.5%. (Simplify your analysis by assuming that the toll receipts are received at year end as a lump sum.)
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