5. What is the project profitability index for this project? (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Project profitability index 1.22 Cardinal Company is considering a five-year project that would require a $2,955,000 investment in equipment witha useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin Fixed expenses: $2,871,000 1,018,000 1,853,000 Advertising, salaries, and other fixed out-of-pocket costs Depreciation $ 753,000 591,000 Total fixed expenses Net operating income 1,344,000 $ 509,000