Company X is considering two mutually exclusive investment projects: Project A with an initial investment of $200,000 and expected cash flows of $80,000 per year for 4 years, and Project B with an initial investment of $300,000 and expected cash flows of $120,000 per year for 3 years. Calculate the profitability index (PI) for each project and recommend the project with the higher PI based on financial viability and wealth creation potential.