You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 14 percent. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. Project X (Videotapes of the Weather Report) ($ 42,000 Investment) Year Cash Flow 1 $21,000 2 19,000 3 20,000 19,600 Project Y (Slow-Motion Replays of Commercials) ($62,000 Investment) Year Cash Flow 1 $ 31,000 2 24,000 3 25,000 4 27,000 a. Calculate the profitability index for project X. (Do not round intermediate calculations and round your answer to 2 decimal places.) Profitability index b. Calculate the profitability index for project Y. (Do not round intermediate calculations and round your answer to 2 decimal places.) Profitability index c. Which project would you select based on the profitability index? O Project X O Project Y