please answer with explanation

Required information The following information applies to the questions displayed below. Cardinal Company is considering a five-year project that would require a $2,915,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 12%. The project would provide net operating income in each of five years as follows: $2,746,000 1,126,000 1,620,000 Sales Variable expenses Contribution margin Pixed expenses: Advertising, salaries, and other fixed 615,000 583,000 out-of-pocket costs Depreciation 303 1,198,000 Total fixed expenses Net operating income 422,000 Click here to view Exhibit 13B-1 and Exhibit 138-2, to determine the appropriate discount factor(s) using table 5. What is the project profitability index for this project? (Round your answer to 2 decimal places.) & Answer is complete but not entirely correct. 0.39 index