Bill is considering opening a self-serve grooming center in a storefront. The grooming equipment will cost $331,602, to be paid immediately. Bill expects after-tax cash inflows of $88,276 annually for seven years, after which he plans to scrap the equipment and retire. The first cash inflow occurs at the end of the first year. Assume the required return is 11 percent. What is the project's profitability index (PI)?