Elliot and Son, Inc. is considering a capital budgeting project that costs $118,539 at initiation and is expected to generate $68,918 in year one, $73,159 in year two, $52,862 in year three, and $44,141 in year four.

The company use 10% as the hurdle rate for its capital budgeting projects. What is the profitability index for this project?

Round your calculations to the nearest 0.01, i.e., two decimal places.