A road improvement project requires an initial investment of $9 million. Annual maintenance and repairs will be $50,000 for the first 10 years, and $75,000 for the final 15 years. In addition, the road will require $250,000 worth of resurfacing at the end of year 10 and another $250,000 worth of resurfacing at the end of year 20. The road will have negligible salvage value at the end of year 25. Find the equivalent annual worth of the project over the 25 year life of the project using a minimum attractive rate of return of 8%.