Bill plans to open a self$-$serve grooming center in a storefront. The grooming equipment

will cost $$420,000,$ to be paid immediately. Bill expects aftertax cash inflows of $$91,000$

annually for seven years, after which he plans to scrap the equipment and retire to the

beaches of Nevis. The first cash inflow occurs at the end of the first year. Assume the

required return is $11$ percent.

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What is the project's profitability index $($PI$)?($Do not round intermediate calculations.

Round your answer to $3$ decimal places, e$.$g$.,32\mathrm{.}161.)$