Hats & Bats is trying to decide if a new project is worth investing money into. The project would require $292 as initial investment. In the next 3 years it would generate profits in the following amounts: $68 in year 1,$79 in year 2 , and $53 in year 3 . The typical rate of return for projects like this is 5.3 percent. Calculate the profitability index of this proposed project. Increase the decimal places for any intermediate calculations, and round your final answer to TWO decimal places, for example, 1.23