A project has estimated annual cash flows of $$97,000$ for $4$ years and is estimated to cost $$270,000.$ Assume a minimum acceptable rate of return of $10\%.$ Using the following tables, determine $($a$)$ the net present value of the project and $($b$)$ the present value index, rounded to two decimal places.

Following is a table for the present value of $$1$ at compound interest:

Year

$6\%$

$10\%$

$12\%$

$1$

$0\mathrm{.}943$

$0\mathrm{.}909$

$0\mathrm{.}893$

$2$

$0\mathrm{.}890$

$0\mathrm{.}826$

$0\mathrm{.}797$

$3$

$0\mathrm{.}840$

$0\mathrm{.}751$

$0\mathrm{.}712$

$4$

$0\mathrm{.}792$

$0\mathrm{.}683$

$0\mathrm{.}636$

$5$

$0\mathrm{.}747$

$0\mathrm{.}621$

$0\mathrm{.}567$

$$

Following is a table for the present value of an annuity of $$1$ at compound interest:

Year

$6\%$

$10\%$

$12\%$

$1$

$0\mathrm{.}943$

$0\mathrm{.}909$

$0\mathrm{.}893$

$2$

$1\mathrm{.}833$

$1\mathrm{.}736$

$1\mathrm{.}690$

$3$

$2\mathrm{.}673$

$2\mathrm{.}487$

$2\mathrm{.}402$

$4$

$3\mathrm{.}465$

$3\mathrm{.}170$

$3\mathrm{.}037$

$5$

$4\mathrm{.}212$

$3\mathrm{.}791$

$3\mathrm{.}605$