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) ($32,000 Investment) Year Cash Flow 1 $16,000 2 14,000 3 15,000 14,600 Project Y (Slow-Motion Replays of Commercials) ($52,000 Investment) Year Cash Flow 1 $ 26,000 2 19,000 3 20,000 4 22,000 4 a. Calculate the profitability index for project X. (Do not round intermediate calculations and round your answer to 2 decimal places.) Profitability index b. Calculate the pro places.) ability index for project Y. (Do not round intermediate calculations and round your answer to 2 decimal Profitability index c. Which project would you select based on the profitability index? Project X O Project Y