The management of Revco Products is exploring four different investment opportunities. Information on the four projects under study follows: Project Number Investment required Present value of cash inflows at a 8% discount rate Net present value Life of the project Internal rate of return $ (620,000) S (510,000) (420,000) $ (590,000) 780,900 $51,000S 137.988S83,250190,900 7 years 671,000 647,988 10 years20 e 10 yearsa 10% 11% 12% 17% s above. Limited funds are available for investment, so the Because the company's required rate of return is 8%, a 8% discount rate has been used in the present value c company can't accept all of the available projects Required 1. Compute the project profitability index for each investment project. (Round your answers to 2 decimal places.) Project Profitability Index 2. Rank the four projects according to preference, in terms of net present value, project profitability index and internal rate of return. Net Present Profitability of Return Project Internal Rate Value Index First preference Second rence Third preference Fourth preference