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Please be descriptive and show all work step-by-step. Profitability Index A project has an initial cost of $45,000, expected net cash inflows of $8,000 per

Please be descriptive and show all work step-by-step.

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Profitability Index A project has an initial cost of $45,000, expected net cash inflows of $8,000 per year for 9 years, and a cost of capital of 9%. What is the project's PI? (Hint: Begin by constructing a time line.) Do not round intermediate calculations. Round your answer to two decimal places

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