The management of Revco Products is exploring four different investment opportunities. Information on the four projects under study follows Project Number S(470,000) $(420,000) Investment required Present value of cash inflows at a 12% discount rate Net present value Life of the project Internal rate of return 538,359 $ 68,359 6 years 17% 507,90) $ 87,903 12 years S(320,000) 378240 $ 58,240 6 years 18% S(390,000) 444,393 $ 54,393 3 years 20x Because the company's required rate of return is 12%, a 12% discount rate has been used in the present value computations above. Limited funds are available for investment, so the company can't accept all of the available projects Required: 1. Compute the project profitability Index for each investment project. 2 Rank the four projects according to preference, in terms of net present value, project profitability Index and internal rate of return