Youre a consultant helping a local governmental body consider two alternatives for generating power:

Alternative A. Build a coal-powered generating facility at a cost of $21,000,000. Annual power sales are expected to be $1,200,000 per year. Annual operating and maintenance costs are $225,000 per year. A benefit of this alternative is that it is expected to attract new industry, worth $550,000 per year, to the region.

Alternative B. Build a hydroelectric generating facility. The capital investment is $32,000,000, and power sales and operating costs are $850,000 and $60,000 per year, respectively. Additional annual benefits of this alternative are as follows: Flood control savings: $700,000; Irrigation: $250,000; Recreation: $130,000; Ability to attract new industry: $425,000.

The useful life of both alternatives is 50 years, and neither has a salvage value at the end of life. Using a MARR of 4% per year, what is the value of the incremental benefit-cost ratio associated with pursuing the hydroelectric power project rather than the coal-powered facility? Note that, in your calculations, you should find that both alternatives are acceptable. That is why the incremental analysis is needed here. (Report your answer to the nearest thousandth, e.g., 0.123.)