You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 11 percent. UseAppendix Bfor an approximate answer but calculate your final answer using the formula and financial calculator methods.

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 Project Y (Slow-Motion of the Weather Report) Replays of Commercials) ($22, 000 Investment) ($42, 000 Investment) Year Cash Flow Year Cash Flow 1 $11, 000 $ 21, 000 9, 000 14,000 AWNI 10, 000 15, 000 9 , 600 17,000 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