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.)