The City of Lakeville The City of Lakeville is considering building a bridge over a lake. The bridge will allow commuters to by-pass an existing route that goes around the lake, and thereby save on travel time. All construction will take place in year one. The bridge will open to traffic in year two and will remain open indefinitely. Construction involves the use of labor and materials. The project will employ 20 workers for 8 hours per day for 90 days. The wage rate is $10 per hour. Materials for the project will be purchased at a cost of $150,000. There are 3000 commuting trips taken on the road around the lake each year, and it is expected that all of these road users will switch to the bridge. No new traffic is expected. The bridge will reduce annual round-trip commuting time by 1 hour. Assume a time cost of $9 per hour. Assume a discount rate of 5%. On the basis of the information you have, calculate the NPV of the bridge project. Should the project proceed?