Excess Present value Index and Average Rate of Return Highpoint Company is evaluating five different capital expenditure proposals. The company's cutoff rate net present value for analyses is 10% salvage value is expected from each of the investments. Information on the five proposals is as follows: Proposal Required Investment Pv at 12% of After-Tax Cash Flows Avg. Annual Net Income from Investment $270,000 $310,030 $37,400 200,000 236,780 "160.000 173.040 180,000 216.300 128,000 136,990 14,960 a. Compute the excess present value index for each of the five proposals. Round answers to three decimal places. Proposal Excess PV Index 0.202 X 0.184 X 0.082 X 0.202 X 0.07 X b. Compute the average rate of return for each of the five proposals. Round answers to one decimal place. For example, 0.4567 equals 45.7%