Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Minings cost of capital is 10.04 percent. What is the PI of a project if the initial costs are $1,604,689 and the project life is estimated as 6 years? The project will produce the same after-tax cash inflows of $626,638 per year at the end of the year.

Round the answer to two decimal places.