The management of Revco Products is exploring four different investment opportunities. Information on the four projects under study follows Project Number 2 $(510,000) $(420,000) $(620,000) $(310,000) Investment required Present value of cash inflows at a X discount rate Net present value Life of the project Internal rate of return 697,217 $ 77,217 6 years 12% 655,640 $ 145,640 12 years 13% 499,270 $ 79,270 6 years 143 386,488 $ 76,488 3 years 21% Because the company's required rate of return is 8%, a 8% 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 pet present value, project profitability index and internal rate of return Required 1 Required 2 Compute the project profitability index for each investment project. (Round your answers to 2 decimal places.) Project Profitability Index 1 2 3 4 Required 1 Required Rank the four projects according to preference, in terms of net present value, project profitability index and internal rate of return. Not Present Value Project Prolitability Index Internal Rate of Return First preference Second preference Third preference Fourth preference