Jeff Booth is the CFO of Aurora Jag, a manufacturer of parts for classic automobiles. Jeff is considering the purchase of a two-ton press which will allow the firm to stamp out auto fenders. The equipment costs $350,000. The project is expected to produce after-tax cash flows of $60,000 the first year, and increase by $10,000 annually; the after-tax cash flow in year 6 will reach $110,000. Liquidation of the equipment will net the firm $20,000 in cash at the end of six years, making the total cash flow in year six equal to $130,000. Assuming a required return of 15%, what is the project's profitability index?