Suppose a company has proposed a new 5-year project. The project has an initial outlay of $111,000 and has expected cash flows of $32,000 in year 1, $50,000 in year 2, $57,000 in year 3, $61,000 in year 4, and $75,000 in year 5. The required rate of return is 11% for projects at this company. What is the profitability index for this project? (Answer to the nearest hundredth, e.g. 1.23)