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<br /> <br />The worth of a project, with respect to its impact on the <br />economy, is measured in terms of the ratio of annual benefits to <br /> <br />annual costs. The annual costs include the annual equivalent of <br /> <br /> <br />the total contemplated capit~l investment (measured over a <br /> <br /> <br />lOa-year period with interest at the rate of 3-1/8 percent annually) <br /> <br /> <br />plus annual operation, maintenance, and replacement expenses. <br /> <br />The Narrows plan of developnent has a f~vorable benefit-cost <br /> <br /> <br />ratio of 1.62 to 1.00. This means that for every $1.00 invested <br /> <br /> <br />in the development, benefits of $1.62 would accrue. <br /> <br />6 <br /> <br />