You have been asked to calculate the profitability index of the following project. The project has a cost of $650,000. The project has an expected cash flow of $220,000 in year 1, an expected cash flow of $320,000 in year 2 , an expected cash flow of $420,000 in year 3 , an expected cash flow of $120,000 in year 4 and an expected cash flow of $170,000 in year 5 . The required rate of return is 7% compounded annually. What is the profitability index