You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 11 percent. Use Appen an approximate answer but calculate your final answer using the formula and financial calculator methods. Project X (Videotapes of the Weather Report) ($12,000 Investment) Year Cash Flow Project Y (Slow-Motion Replays of Commercials) ($32,000 Investment) Cash Flow Year 1 $ 6,000 1 ok 2 4,000 2 3 5,000 3 t 4 4,600 4 t $ 16,000 9,000 10,000 12,000 a. Calculate the profitability index for project X. (Do not round intermediate calculations and round your answer to 2 decima places.) Profitability index b. Calculate the profitability index for project Y. (Do not round intermediate calculations and round your answer to 2 decima places.) Profitability index Profitability index c. Which project would you select based on the profitability index? Project X Project Y