use written solutions with formulas

[15 points] The provincial government is planning a dam construction project for a river basin in Ontario. This project will generate hydrolectric power and provide tourism, irrigation, and flood prevention benefits for Ontario residents. The estimated benefits and costs from three alternative project options are listed in the table below: Project X Project Y Project Z Initial investment $9,200,000 cost $11,000,000 $9,500,000 Annual benefit of $800,000 power generation $980,000 $850,000 Annual benefit of $180,000 flood prevention $300,000 |$250,000 Annual benefit of $320,000 tourism $380,000 $300,000 Annual benefit of $100.000 jirrigation $220,000 $240,000 Annual O&M costs $650,000 $500,000 $550.000 The interest rate is 9%, and the life of each of the projects is estimated to be 45 years. Assume there is no do-nothing alternative. a. Find the benefit-cost ratio for each alternative. b. Select the best alternative based on the incremental Benefit-cost ratio between alternatives