A project proposal is on your desk. The project has an upfront cost of $54,000. The annual cash inflows from the project over four years are, $20,000 for year 1,$21,000 for year 2,$22,000 for year 3 , and $23,000 for year 4 . If the weighted average cost of capital is 14%, what is the profitability index for the project? Select one: a. 1.27 b. 1.15 c. 1.11 d. 1.19 e. 1.23