You are asked to evaluate the following two projects for Boring Corporation. Use a discount rate of 12 percent. Use Appendix B. Project X (DVDs of the Weather Reports) ($48,000 Investment) Project Y (Slow-Motion Replays of Commercials) ($68,000 Investment) Year Cash Flow Year Cash Flow 1 $24,000 1 $34,000 2 22,000 2 27,000 3 23,000 3 28,000 4 22,600 4 30,000 a. Calculate the profitability index for project X. (Round "PV Factor" to 3 decimal places. Round the final answer to 2 decimal places.) PI b. Calculate the profitability index for project Y. (Round "PV Factor" to 3 decimal places. Round the final answer to 2 decimal places.) PI c. Using the NPV method combined with the PI approach, which project would you select? Use a discount rate of 12 percent. multiple choice Project Y Project X