While preparing an earned value analysis (EVA) for the sponsor, the project manager provided this information in the latest project report:
* Approved Work Package Cost Estimates: US$9,500
* Contingency reserves: $500 %
* Management reserves: 10% of contingency reserves
* Percent complete of the project: 50%
* Planned percent of the project: 40%
* Actual costs of the project: US$4,500
What is accurate about the project status?