You are asked to evaluate the following two projects for Boring Corporation. Use a discount rate of 10 percent. Use Around B Project X (OVDs Project y (Slow Motion of the Weather Reports) Replays of Commercials) ($34,000 Investment) (554,000 Investment) Cash Flow Year Cash Flow $17,000 $27,000 15,000 20,000 16,000 3 21,000 15,600 4 23,600 Year 1 2 3 1 2 a. Calculate the profitability index for project X. (Round "PV Factor" to 3 decimal places. Round the final answer to 2 decimal places.) PI 1.47 b. Calculate the profitability index for project Y. (Round "PV Factor" to 3 decimal places. Round the final answer to 2 decimal places.) PI 1.34 c. Using the NPV method combined with the Pl approach, which project would you select? Use a discount rate of 10 percent Project Y Project X