As shown in columns 13 and 14 of table 4-1, the costs of the proposed road project exceed the benefits—both discounted at 12 percent –by about R$13.9 million during its economic life. The cost-benefit ratio is 1 : 0.9 and the internal rate of return is nearly 10 percent (see columns 15 and 16). The project therefore appears to be of doubtful justification, but for the following reasons deserves careful attention, nevertheless.