$1$a$)$ Find the profitability index of a project with the following cash flows using a discount rate of $3\%$:

Period $0$: $-1000$

Period $1$: $705$

Period $2$: $305$

Period $3$: $251$

Round your answer to the nearest one$-$hundredth.

$1$b$)$ Machinery costs $$1$ million today and $$100,000$ per year to operate. It lasts for $16$ years. What is the equivalent annual annuity if the discount rate is $9\%?$ Enter your answer in dollars and round to the nearest cent $($one$-$hundredth$).$ Do not include the dollar sign $($$$).$ Do include the negative sign.