A flood control project has construction cost during the first year (i.e. at EOY 1) of $10 million, during the second year of $7 million, and during the third year of $4 million, It is completed at the end of the third year and thereafter incurs an annual operating cost of $170,000 per year. Benefits from the project begin during the fourth year and are valued at $1,300,000 in that year, growing at a 2% rate of increase out to the end of the project life, which is 50 years (i.e., three years of construction, 47 years of operation). Assuming an interest rate of 7%, determine if this is a viable project, that is do the capitalized benefits exceed the capitalized costs?