Woodpecker Pipeline (WPP) is a contracting company that lays oil pipeline infrastructure. WPP is considering purchasing a piece of excavating equipment worth $5,000,000. The machine would generate a net $300,000 yearly pre-tax cash flows. The machine would be depreciated over the course of 20 years, at which time it is predicted to have a disposal value of $500,000. Management plans to depreciate full value of the asset (not deducting the anticipated disposal value in the calculation), and will take a full year of depreciation the first year. WPP's tax rate is 20%, and the discount rate is 11%.

What is the Excess Present Value Index of the proposed machinery (rounded to 4 decimal places)?