Elliot and Son, Inc. is considering a capital budgeting project that costs $122,072 at initiation and is expected to generate $66,868 in year one, $72,873 in year two, $57,362 in year three, and $43,138 in year four.

The company use 11% 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.