St. Michaels School ranks investments by using the profitability index (PI). The following data relate to Project X and Project Y: Project X Project Y Initial Investment $400,000 $1,200,000 Present value of inflows $600,000 $1,800,000 Which project would be more attractive as judged by its ranking, and why? Select one: O a. Project Y because the PL is 0.72. O b. Project X because the Pl is 1.50. c. Project X because the Pl is 0.67. O d. Both projects would be equally attractive in terms of ranking. O e. Project Y because the Plis 1.38