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Information on four investment projects being investigated by Clenning Company is as follows: Project Number 1 2 3 1 Investment required S:400,000) S(530,000) S(380,000) S(310,000) Present value of cash inflows at a 8% discount rate 554,760 610,416 503,530 463,860 Net present value 5 154,760 5 80,416 5 128,530 5 93,860 Life of the project 6 years 12 years 6 years 3 years Internal rate of return 20% 11% 18% 22% Since the company's required rate of return is 8%, a 8% 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 protability index for each investment project (Round your answers to 2 decimal places.) Project 1 Project 2 Project 3 Project 4 2. Rank the four projects according to preference, in terms of net present value, project profitability index and internal rate of return. Project 1 Project 2 Project 3 Project 4