A busy intersection in Metro Center needs renovation. Plans call for adding a turn lane, a new computer-controlled signal, and new sidewalks. The estimated cost is $1M. The intersection's annual maintenance cost will be $5K. Users will save $45K in time each year. Fewer accidents are expected to save $55K in property losses annually and $90K for a reduced loss of life for motorists and pedestrians. The renovation is expected to handle traffic for the next 8 years. Using an interest rate of 5%, calculate the project's benefit/cost ratio. (Answer: 1.19)