Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Mining's cost of capital is 10.44 percent. What is the PI of a project if the initial costs are $2,245,651 and the project life is estimated as 9 years? The project will produce the same after-tax cash inflows of $494,549 per year at the end of the year.

Round the answer to two decimal places.