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8. A project is being considered by the Tennessee Department of Transportation to replace an aging bridge over the Cumberland River on a state highway.

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8. A project is being considered by the Tennessee Department of Transportation to replace an aging bridge over the Cumberland River on a state highway. The existing two-lane bridge is expensive to maintain and creates a traffic bottleneck because the state highway is four lanes wide on either side of the bridge. The new bridge can be constructed at a cost of three million dollars and estimated annual maintenance costs are $100,000. The existing bridge has annual maintenance costs of $185,000. The annual benefit to motorists, due to the removal of the traffic bottleneck needs to be estimated, but is certainly greater than zero. Conduct a benefit-cost analysis using a MARR of 8% and a study period of 25 years to determine if the new bridge should be constructed. Document your methodology to estimate the annual benefit

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