Stella and Bella, Inc. make custom cat collars. They are considering the purchase of a new engraving machine that would require an initial investment of $60,000. It's a pretty simple addition to their production therefore no other cash outflows would be required. The present value of the cash inflows from increased sales of custom cat collars would be $73,800. Given this information, their profitability index of the project is closest to:(Ignore income taxes in this problem.) 0.77 0.19 1.23 0.23