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The distance between them is 10 miles. The average daily traffic on the new freeway is forecast to average 20,000 vehicles per day over the next 20 years. Trucks represent 5% of the total traffic. Annual maintenance on the existing highway is $1500 per lane-mile. The existing accident rate is 4.58 per million vehicle miles (MVM). Three alternative plans of improvement are now under consideration. Plan A: Add two lanes adjacent to the existing lanes at a cost of $450,000 per mile. It is estimated that this plan would reduce auto travel time by 2 minutes and truck travel time by 1 minute when compared with the existing highway. The estimated accident rate is 2.50 per MVM, and the annual maintenance is expected to be $1,250 per lane-mile for all four lanes Plan B: Improve along the existing alignment with grade improvements at a cost of $650,000 per mile, and add two lanes. It is estimated that this would reduce auto and truck travel time by 3 minutes each compared with current travel times. The accident rate on the improved road is estimated to be 2.40 per MVM, and annual maintenance is expected to be $1,000 per lane-mile for all four lanes. Plan C: Construct a new four-lane freeway on new alignment at a cost of $800,000 per mile. It is estimated that this plan would reduce auto travel time by 5 minutes and truck travel time by 4 minutes compared with current conditions. The new freeway would be 0.3 miles longer than the improved counterparts discussed in plans A and B. the estimated accident rate for plan C is 2.30 per MVM, and annual maintenance is expected to be $1,030 per lane-mile for all four lanes. If plan C is adopted, then the existing highway will be abandoned with no salvage value. Useful data: Incremental operating cost – Autos cents/mile – Trucks 18 cents/mile Time saving -Autos 3 cents/minute – Trucks 15 cents/minute Average accident cost $1.200 If a 5% interest rate is used, then which of the three proposed plans should be adopted? Base your answer on the individual B/C ratios of each alternative. When calculating these values, consider any annual incremental operating costs due to distance, a user disbenefit rather than a cost
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