You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 14 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) ($46,000 Investment) Year Project Y (Slow-Motion Replays of Commercials) ($66,000 Investment) Cash Flow Cash Flow Year 1 $23,000 2 21,000 3 4 22,000 21,600 1234 $ 33,000 26,000 27,000 29,000 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 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 O Project Y