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You are asked to evaluate the following two projects for the Norton corporation. Use a...

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You are asked to evaluate the following two projects for the Norton corporation. Use a discount rate of 12 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) ($48,000 Investment) Year Cash Flow 1 $ 24,000 2 22,000 3 23,000 4 22,600 Project Y (Slow-Motion Replays of Commercials) ($68,000 Investment) Year Cash Flow 1 $ 34,000 2 27,000 3 28,000 4 30,000 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

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