Orchid Biotech Company is evaluating several different development projects for experimental drugs. Although the cash flows are difficult to forecast, the company has come up with the following estimates of the initial capital requirements and NPVs for the projects. Given a wide variety of staffing needs, the company has also estimated the number of research scientists required for each development project (all cost values are given in millions of dollars). NPV ($) Project Number Initial Capital Number of Research ($) Scientists 1 10 11 15 3 III 4 IV 20 3 WAWN 10.1 19.0 22.0 25.0 15 na A .... a. Suppose that Orchid has a total capital budget of $60 million. How should it prioritize these projects? The profitability index for Project 1 is . (Round to two decimal places.)