E11-8 Comparing Projects Using Profitability Index [LO 11-6] Shaylee Corp has $2.30 million to invest in new projects. The company's managers have presented a number of possible options that the board must prioritize. Information about the projects follows: Initial investment Present value of future cash flows Project A Project B $ 650,000 $ 330,000 $ 865,000 465,000 Project C 890,000 1,300,000 Project D $ 1,045,000 1,660,000 Required: 1. Is Shaylee able to invest in all of these projects simultaneously? No Yes 2-a. Calculate the profitability index for each project. (Round your answers to 4 decimal places.) Profitability Index Project A Project B Project C Project D 2-b. What is Shaylee's order of preference based on the profitability index? Rank Project A Project B Project C Project D