Apple Corp. is evaluating a project requiring a capital expenditure of $1,700,000. The project has an estimated life of 4 years and no salvage value. The estimated net income and net cash flow from the project are as follows: Year Net Income Net Cash Flow 1 S 640,000 $680,000 2 585,000 642,000 3 540,000 575,000 4 506,000 546,000 $2,271,000 $2,443,000 The company's minimum desired rate of return for net present value analysis is 15%. The factors for the present value of $1 at compound interest of 15% for 1, 2, 3, and 4 years are 0.870, 0.756, 01658, and 0.572, respectively. Determine (a) the net present value and (b) the present value index for the project. Round to the nearest two decimal places