Management of Ice Cold is contemplating the purchase of twelve new ice cream trucks. The company plans to establish new routes for each of the trucks near the beaches in Southern California where the weather is pleasant year-round. Considerable research has been performed on estimated demand in consideration of expected larger demand during the summer and weekends. The cash flows of the van models differ due to the freezer capacity and customer windows. The controller has already determined the net present values of the future cash flows for 12 different step vans, the price of which reflects conversion to the company's specifications. Management is ready to make its decision of which step van type to purchase. The company only accepts projects with a minimum profitability index of 2.0. The company's minimum required rate of return is 6%. Data containing the present value of the step van models, future cash flows, initial investments, annual estimated net income, and net present values is provided here for one truck. Annual Estimated Step Van Models GMC Utilimaster Net Income Initial investment PV of Future Cash Flows Net Present Value $14,197 $55,422 $126,473 $71,051 Freightliner 27,778 48,135 107,462 59,327 GMC 19,455 54,257 106,587 52,330 Morgan Olson 27,823 79,730 117,543 37,813 Chevrolet 21,087 52,303 102,071 49,768 Workhorse 25,788 89,275 92,119 2,844 International 17,157 68,483 94,004 25,521 Econoline 25,300 70,337 103,209 32,872 Ford Utilimaster 37,029 51,680 98,543 46,863 Caravan 20,420 48,739 114,816 66,077 Ford Boutique 25,674 74,537 72,601 (1,936) Grumman Olson 37,238 64,019 90,013 25,994 Use Excel to perform the following. (a) Calculate the profitability index for each van model. (Round answers to 2 decimal places, e.g. 15.25.) Step Van Models Profitability Index GMC Utilimaster Freightliner GMC Morgan Olson Chevrolet