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Gold Mining, Inc. is using the profitability index ( PI ) when evaluating projects. Gold Mining's cost of capital is 5 . 3 0 percent.

Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Mining's cost of capital is 5.30 percent. What is the PI of a project if the initial costs are $2,157,815 and the project life is estimated as 6 years? The project will produce the same after-tax cash inflows of $543,891 per year at the end of the year. Round to two decimal places.

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