A toll bridge across the Mississippi River is being considered as a replacement for the current? I-40 bridge linking Tennessee to Arkansas. Because this? bridge, if? approved, will become a part of the U.S. Interstate Highway? system, the? B-C ratio method must be applied in the evaluation. Investment costs of the structure are estimated to be $16,200,000?, and $334,000 per year in operating and maintenance costs are anticipated. In? addition, the bridge must be resurfaced every fourth year of its 24?-year projected life at a cost of $1,290,000 per occurrence? (no resurfacing cost in year 24?). Revenues generated from the toll are anticipated to be $2,800,000 in its first year of? operation, with a projected annual rate of increase of 2.75?% per year due to the anticipated annual increase in traffic across the bridge. Assuming zero market? (salvage) value for the bridge at the end of 24 years and a MARR of 11?% per? year, should the toll bridge be? constructed? Also, assume that the initial surfacing of the bridge is included in the initial investment costs of the structure.
The? benefit-cost ratio of the project with PW is ______? ?(Round to two decimal? places.)