The transportation ministry is considering renovating a
critical highway to improve service, reduce accidents, and reduce
traffic congestion. The ministry is considering three mutually
exclusive methods of renovation as shown in the table below. The
first and the second type include resurfacing the asphalt, while
the third method includes resurfacing and widening the right of
way. The annual number of accidents over this highway is 280
accident with an average cost of $1,500 per accident. Annual MARR
of 7%, as...