Kent, Inc. is currently considering an eight-year project that has an initial outlay or cost of $120,000. The future cash inflows from its project for years 1 through 8 are the same at $30,000. Holly has a discount rate of 11%. Because of capital rationing (shortage of funds for financing), Holly wants to compute the profitability index (PI) for each project. What is the PI for Holly's current project?