$[2$pts$]$ Bill plants to open a self$-$serve grooming center in a storefront. The grooming equipment will

cost $$325,000,$ to be paid immediately. Bill expects aftertax cash inflows of $$67,000$ annually for $7$

years, after which he plans to scrap the equipment and retire to the beaches of Nevis. The first cash

inflow occurs at the end of the first year. Assume the required return is $13\%.$ What is the project's profitability index $($PI$)?$

Please don't use excel, I would like to see it worked out! Thanks!