You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 11 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) ($40,000 Investment) Year Cash Flow $20,000 18.000 19,000 18,600 Project Y (Slow- Motion Replays of Commercials) ($60,000 Investment) Year Cash Flow $ 30,000 23,000 24,000 26,000 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? Project X Project Y