This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables t

[answerhappygod]

This set of problems is designed to be calculated using
the Excel or financial calculator. Do not use financial
tables to calculate these problems.
Gold Mining, Inc. is using the profitability index (PI) when
evaluating projects. Gold Mining’s cost of capital is 5.66 percent.
What is the PI of a project if the initial costs are $2,291,471 and
the project life is estimated as 9 years? The project will produce
the same after-tax cash inflows of $379,222 per year at the end of
the year.
Round the answer to two decimal places.