PMP Certification Executing Questions Test 5

A project manager for a two-year project has been asked to give an update by the project sponsor because the project is reaching its halfway point. The original budget was US$\mathrm{\$}$2 million. The actual costs are currently US$\mathrm{\$}$1.2 million and about 45% of the work is complete.
What is an accurate summary of the current status of the project?