You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 14 percent. Use Anpendix B for an approxintate answer but calculate your final answer using the formula and financial calculator methods Project X (Videotapes of the Weather Report) ($42.000 Investment) Year Cash Flow 1 321,000 19.000 20,800 19,600 Project Y (Slow Motion Replays of Commercials) (562,000 Investment) Year Cash Flow $31.000 24,000 25,000 27.800 2. 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 profitability index for project Y. (Do not round intermediate calculations and round your answer to 2 decimal places) Profitability index c. Which project would you select based on the profitability index? Project X Project