Sheridan Inc. is considering purchasing equipment costing $33000 with a 7-year useful life. The equipment will provide cost savings of $8000 and will be amortized using the straight-line method over its useful life with no salvage value. Sheridan Inc.requires a 8% rate of return. What is the approximate profitability index associated with this equipment? Present Value of an Annuity of 1 Period 6% 7% 8% 9% 10% 13% 7 5.582 5.389 5.206 5.033 4.868 4.423 O 1.35 1.22 1.26 O 1.31