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Problem 13-21 Preference Ranking of Investment Projects ILO 13-5U The management of Revco Products is exploring four different investment opportunities. Information on the four projects under study follows: Project Number Investment required $(450,000) $(400,000) $(300,000) $(420,000) Present value of cash inflows at a 10% discount rate 584,550 482,460 324,750 533,500 Net present value 134,550 82,460 24,750 113,500 Life of the project 11 years 22 years 11 years 8 years Internal rate of return 16% 13% 12% 17% Because the company's required rate of return is 10%, a 10% discount rate has been used in the present value computations above. Limited funds are available for investment, so the company can't accept all of the available projects. Required 1. Compute the project profitability index for each investment project. (Round your answers to 2 decima places Profitability Project Index 2. Rank the four projects according to preference, in terms of net present value, project profitability index and internal rate of return Project nternal Rate Net Present Profitability Value of Return Index First preference Second preference Third preference Fourth preference