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

Initial cash outflow: $62,000

Annual cash flows, years 1-5: $37,000 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.)