The following figures are the NPV for Project A1, A2, and Project B. A1 and A2 are mutually inclusive and Project B is Independent,

NPV

A1 - 5,544,703.22

A2 - 5,182,535.35

B - 11,397,308.93

Initial Investment are as follows:

A1 - 20,000,000

A2 - 22,500,000

B - 52,000,000

I did the Profitability Index and got the following 0.277; 0.230 and 0.219 respectively.

I am not sure if this is correct. Also, can the PI be over 2 ie 2.0, 2.4?

The profitability index divides the present values of the future cash flows by the initial investment. This is the formula used and I am getting the above.