Gaylen Howe Oil Financing has a proposed project that has an initial investment of $277,000. The required rate of return is 8 percent. Cash flows at the end of years 1, 2, & 3 are $100,000, $200,000, and $150,000, respectively. The NPV is $106,136. What is the Profitability Index of this project?

Group of answer choices

1.0

1.38

2.89

0.5