The Public Service Board (PSB) awarded two contracts worth a combined $1.07 million to improve (i.e., deepen)
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The Public Service Board (PSB) awarded two contracts worth a combined $1.07 million to improve (i.e., deepen) a retention basin and reconstruct the spillway that was severely damaged in a flood 2 years ago. The PSB said that, because of the weak economy, the bids came in $950,000 lower than engineers expected. If the projects are assumed to have a 20-year life, what is the annual worth of the savings at an interest rate of 6% per year?
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