Information on four investment proposals is given below: Investment Proposal Investment required Present value of cash inflows Net present value Life of the project $(420,000) $(200,000) $(170,000) $(2,400,000) 589,700 276,400 259, 700 3,203,000 $ 169, 700 $ 76,400 $ 89, 700 $ 803,000 5 years 7 years 6 years 6 years Required: 1. Compute the project profitability index for each investment proposal (Round your answers to 2 decimal places.) 2. Rank the proposals in terms of preference. Project Profitability Index Investment Proposal Rank Preference