Hanmi Group, a consumer electronics conglomerate, is reviewing its annual budget in wireless technology. It is considering investments in three different technologies to develop wireless communication devices. Consider the following cash flows of the three independent projects for Hanmi. Assume the discount rate for Hanmi is 8 percent. Further, Hanmi Group has only $16 million to invest in new projects this year. (Do not round intermediate calculations. Round the answers to 2 decimal places. Omit $ sign in your response.) Cash Flows (in $ millions) Year CDMA G4 Wi-Fi 0 - $ 4 - $12 -$16 69 13 2 2 .50 23 29 31.50 16 16 a. Calculate the profitability index for each investment. Profitability index 2.22 CDMA G4 3.40 3.10 Wi-Fi b. Calculate the NPV for each investment. NPV CDMA $ 33.60 G4 4.89 Wi-Fi 33.60