You are a financial analyst for Damon Electronics Company. The director of capital budgeting has asked you to analyze the proposed capital investment, Project X. The cost of capital is 10 percent. The expected (net) cash flows are as follows: YEAR (Net) cash Flows ($) 0 - 1,500 1 700 2 800 3 100 4 600 What is the profitability index (PI) of project X? Select one: a. 1.11 b. 1.25 c. 1.19 d. 1.23 e. 1.08