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A company is considering a project with the following cash flows:
Initial cash outflow: $62,000
Annual cash flows, years 1-5: $37,000 per year
Salvage value, year 5: $17,000
The company's discount rate is 11%. What is the profitability index for this project?
(Use the present value tables in your course packet for any present value calculations. Round your final answer to two decimal places.)
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