You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 10 percent. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. Project X (Videotapes of the Weather Report) ($14,000 Investment) Project Y (Slow-Motion Replays of Commercials) ($34,000 Investment) Year Cash Flow Year Cash Flow 1 $ 7,000 1 $ 17,000 2 5,000 2 10,000 3 6,000 3 11,000 4 5,600 4 13,000 a. Calculate the profitability index for project X. (Do not round intermediate calculations and round your answer to 2 decimal places.) b. Calculate the profitability index for project Y. (Do not round intermediate calculations and round your answer to 2 decimal places.) c. Which project would you select based on the profitability index? Project X Project Y