Happy Dog Soap Company is considering investing $600,000 in a project that is expected to generate the following net cash flows: Year Cash Flow Year 1 $300,000 Year 2 $450,000 Year 3 $400,000 Year 4 $475,000 Happy Dog uses a WACC of 7% when evaluating proposed capital budgeting projects. Based on these cash flows, determine this project's PI (rounded to four decimal places). O 2.2705 O 2.4976 O 1.8164 O 2.0435 Happy Dog's decision to accept or reject this project is independent of its decisions on other projects. Based on the project's PI, the firm should the project. By comparison, the net present value (NPV) of this project is in the project because the project On the basis of this evaluation criterion, Happy Dog should increase the firm's value. ; when it has a PI of 1.00, it will have an NPV equal to $0. When a project has a PI greater than 1.00, it will exhibit an NPV Projects with PIS 1.00 will exhibit negative NPVs