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. Year Project X (Videotapes of the Weather Report) ($45,000 Investment) Cash Flow 1 $29,000 2 27,000 3 18,000 4 21,600 Project Y (Slow-Motion Replays of Commercials) ($78,000 Investment) Year Cash Flow 1 $ 39,000 2 32,000 3 33,000 35,000 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 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 Y