Information on four investment proposals is given below: Investment required Present value of cash inflows Net present value Life of the project Investment Proposal 3 O $ (720,000) $(160,000) $(130,000) $(1,560,000) 1,013,000 221,800 198,900 2,081,400 $ 293,000$ 61,800 $ 68,900 $ 521,400 5 years 7 years 6 years 6 years Required: Compute the profitability index for each investment proposal. (Round your answers to 2 decimal places.) 2. Rank the proposals in terms of preference. Answer is complete but not entirely correct. Investment Proposal Profitability Rank Index Preference 0.53 Second 0.39 X Third 0.53 First 0.33 X Fourth B C D