The general city population is set to benefit in annual travel-time savings from a municipal road project amounting to $80,000. The local government will incur an initial spending of $2,500,000 and an annual operating and maintenance cost of $30,000. This new road will reduce accidents, representing medical savings of $135,000 per year. Consider a 15-year period and an interest rate of 5%.

What is the benefit-cost ratio of this project?

Round answer to 2 decimal places.