Question 2(1 point)

Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Mining's cost of capital is 9.72 percent. What is the PI of a project if the initial costs are $2,140,994 and the project life is estimated as 5 years? The project will produce the same after-tax cash inflows of $460,392 per year at the end of the year.

Round the answer to two decimal places.