Suppose a company has proposed a new 5-year project. The project has an initial outlay of 5234,000 and has expected cash flows of 535,000 in year 1. $41,000 in year 2,552.000 in year 3,567,000 in year 4 and $74,000 in year 5 . The required rate of return is 12% for projects at this company. What is the profitathily index for this project? (Answer to the nearest hundredth. eg. 1.23)