Question: Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Minings cost of capital is 8.59 percent. What is the PI of

Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Minings cost of capital is 8.59 percent. What is the PI of a project if the initial costs are $2,357,831 and the project life is estimated as 10 years? The project will produce the same after-tax cash inflows of $688,399 per year at the end of the year.

Round the answer to two decimal places.

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