Information on four investment proposals is given below: Investment Proposal Investment required $ (420,000) $ (200,000) $(170,000) $(2,400,000) Present value of cash inflows Net present value Life of the project 3,203,000 169,700 $76,400 $89,700 $ 803,000 6 years 589,700 276,400 259,700 5 yearsyears6 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 roject Investment ProfitabilityPreference Rank Proposal Index First Second Third Fourth