Hats & Bats is trying to decide if a new project is worth investing money into. The project would require $248 as initial investment. In the next 4 years it would generate profits in the following amounts: $90 in year 1, $87 in year 2, $46 in year 3, and $149 in year 4. The typical rate of return for projects like this is 6.5 percent. Calculate the profitability index of this proposed project.