You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 11 percent Use Anrendix 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) (556,000 Investment) (576,000 Investment) Year Cash Flow Year Cash Flow $28,000 1 $ 38,000 2 26,000 2 31,000 3 26,000 32,000 20,600 34,000 1 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 Year 1 2 Cash Flow $28,000 26,000 26,000 20,600 Year 1 2 3 4 Cash Flow $ 38,000 31,000 32,000 34,000 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.) Profitability Index c. Which project would you select based on the profitability Index? Project x O Project