ou are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 11 percent. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. Project X (Videotapes of the Weather Report) ($56,000 Investment) Project Y (Slow-Motion Replays of Commercials) ($76,000 Investment) Year Cash Flow Year Cash Flow 1 $ 28,000 1 $ 38,000 2 26,000 2 31,000 3 26,000 3 32,000 4 20,600 4 34,000 a. Calculate the profitability index for project X. (Do not round intermediate calculations and round your answer to 2 decimal places.) b. Calculate the profitability index for project Y. (Do not round intermediate calculations and round your answer to 2 decimal places.) c. Which project would you select based on the profitability index? multiple choice Project X Project Y