Problem $5-7$ Calculating Profitability Index

Vince plans to open a self$-$serve grooming center in a storefront. The grooming equipment will cost $$405,000,$ to be paid immediately. Vince expects aftertax cash inflows of $$88,000$ annually for six years, after which he plans to scrap the equipment and retire to the beaches of Nevis. The first cash inflow occurs at the end of the first year. Assume the required return is $13$ percent. What is the project$$s PI$?($Do not round intermediate calculations. Round your answer to $3$ decimal places, e$.$g$.,32\mathrm{.}161.)$