Oxford Company has limited funds available for investment and must ration the funds among four competing projects. Selected information on the four projects follows:

Project	Investment Required		Net Present Value		Life of the Project (years)	Internal Rate of Return
A	$	870,000	$	576,770	9	25	%
B	$	755,000	$	308,594	14	17	%
C	$	720,000	$	442,949	9	24	%
D	$	920,000	$	145,122	5	16	%

The net present values above have been computed using a 10% discount rate. The company wants your assistance in determining which project to accept first, second, and so forth.

Required:

1. Compute the project profitability index for each project.