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Question A3 A governmental client has two design options to consider for a bridge project. The main design difference lies in the type of structure each option is based on; one involves the use of steel, and the other concrete. Table 03 presents the initial construction cost, annual maintenance cost and the residual cost of these designs, which have different service lives. The last 3 digits of the Annual operating cost for the steel and concrete options are denoted by UVW and XYZ, respectively. These stand for the first 6 digits of your student number - UVW stands for the first 3 digits, and XYZ stands for the next 3. For example, for a student number 1523968/1, the Annual operating cost values for the Steel will be £15152, while that of Concrete will be £10396. Table Q3 Cost details of the proposed design options Steel Concrete 150,000 200,000 15UVW 10XYZ Initial construction cost (E) Annual maintenance cost (£) Residual Value (E) Service Life (years) 60,000 40,000 30 15 Using the present worth method, determine which of the bridge design options should be recommended as better option economically. Assume 10% as the interest rate. [As part of the solution, you are required to draw cash flow diagram for each option).