The City of Brandon is installing a new swimming pool in the municipal recreation center. Two designs are under consideration, both of which are to be permanent. The first design is for a reinforced concrete pool that has a first cost of $1,500,000. Every 10 years, the inner surface of the pool would have to be refinished and painted at a cost of $200,000. The second design consists of a metal frame and a plastic liner, which would have an initial cost of $500,000. For this alternative, the plastic liner must be replaced every 5 years for a cost of $100,000, and every 15 years the metal frame would need to be replaced at a cost of $150,000. Extra insurance of $5,000 per year is required for the plastic liner to cover repair costs in case it leaks. The city’s cost of long-term funds is 5%. Determine which swimming pool design has the lower present cost.