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) ($20,000 Investment Year Cash Flow 1 $10,000 2 8,000 3 9,000 4 8,600 Project Y (Slow Motion Replays of Commercials) ($40,000 Investment) Year Cash Flow 1 $ 20,000 2 13,000 3 14,000 4 16,000 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.) Profitabity index c. Which project would you select based on the profitability index? Project x Project Y