Noor, Inc. is currently considering an eight-year project that has an initial outlay or cost of $80,000. The future cash inflows from its project for years 1 through 8 are the same at $30,000. Noor has a discount rate of 13%. Because of concerns about funds being short to finance all good projects, Noor wants to compute the profitability index (PI) for each project.

Compute the PI for Noor's current project?