Local department of public works just evaluated a project of a new hydro power plant. Summary of this evaluation states that this 50-year project will result in:
- $5 million in initial investment;
- $6 million in opearting costs in terms of present worth;
- $17 million in sales revenues from production of electricity in terms of present worth;
- $8 million in savings from flood prevention in terms of present worth;
- $9 million in losses from destruction of a municipal beach in terms of present worth.
Calculate the benefit-cost ration of this project (Round your answer to 2 decimal points)