Cardinal Company is considering a five$-$year project that would require a $$2,945,000$ investment in equipment with a

useful life of five years and no salvage value. The company's discount rate is $18\%.$ The project would provide net operating

income in each of five years as follows:

Sales

Variable expenses

Contribution margin

Fixed expenses:

Advertising, salaries, and other

fixed out$-$of$-$pocket costs $$754,000$

Depreciation $,589,{000}_{?}$

Total fixed expenses

Net operating income

$[$$$2,873,000],[1,019,000],[1,854,000],[],[1,343,000],[$$$511,000]$

Click here to view Exhibit $12$B$-1$ and Exhibit $12$B$-2,$ to determine the appropriate discount factor$($s$)$ using table.

What is the project profitability index for this project? $($Round your answer to $2$ decimal places.$)$