What is the Profitability index (PI) of a project that has an initial cash outflow of $307,000 and the following cash inflows? Assume the required return is 12 percent.

Year	Cash inflow
1	$27,700
2	$56,000
3	$55,000
4	$399,000

Group of answer choices

1.22

0.85

0.93

1.04

1.18