You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 12 percent. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. Project X (Videotapes Project Y (Slow-Motion of the Weather Report) Replays of Commercials) $50,000 Investment) ($70,000 Investment) Year Cash Flow Year Cash Flow 1 $25,000 $ 35,000 23,000 28,000 24,000 29,000 4 23,600 4 31,000 2 3 1 2 3 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