The City of Brussels is installing a new swimming pool in the municipal recreation centre. Two designs are under consideration, both of which are to be permanent (i.e., lasting forever). The first design is for a reinforced concrete pool which has a first cost of €1 500 000. Even' 10 years the inner surface of the pool would have to be refinished and painted at a cost of €20 0 000. The second design consists of a metal frame and a plastic liner, which would have an initial cost of €50 0 000. For this alternative, the plastic liner must be replaced every 5 years at a cost of €10 0 000, and even" 15 years the metal frame would need replacement at a cost of €15 0 000. Extra insurance of €500 0 per year is required for the plastic liner (to cover repair costs if the liner leaks). The city's cost of long-term funds is 5%. Determine which swimming pool design has the lower present cost.