A company is considering a project with the following cash flows:

Initial cash outflow: $$69,000$

Annual cash flows, years $1-5$: $$39,000$ per year

Salvage value, year $5$: $$17,000$

The company's discount rate is $11\%.$ What is the profitability index for this project?

$($Use the present value tables in your course packet for any present value calculations. Round your final answer to two decimal places.$)$