Suppose a company has proposed a new 5-year project. The project has an initial outlay of $149,000 and has expected cash flows of $38,000 in year 1, $42,000 in year 2, $54,000 in year 3, $66,000 in year 4, and $77,000 in year 5. The required rate of return is 12% for projects at this company. What is the profitability index for this project? (Answer to the nearest hundredth, e.g. 1.23)