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You are asked to evaluate the following two projects for theNorton corporation. Use a discount rate of 14 percent. Use AppendixB for an approximate answer but calculate your final answer usingthe formula and financial calculator methods. Project X (Videotapesof the Weather Report) ($20,000 Investment) Project Y (Slow-MotionReplays of Commercials) ($40,000 Investment) Year Cash Flow YearCash Flow 1 $ 10,000 1 $ 20,000 2 8,000 2 13,000 3 9,000 3 14,000 48,600 4 16,000 a. Calculate the profitability index for project X.(Do not round intermediate calculations and round your answer to 2decimal plac es.) b. Calculate the profitability index for projectY. (Do not round intermediate calculations and round your answer to2 decimal places.) c. Which project would you select? Project XProject Y