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) Project Y (Slow-Motion Replays of Commercials) ($68,000 Investment) Year Cash Flow Year Cash Flow 1 $ 24,000 1 $ 34,000 2 22,000 2 27,000 3 23,000 3 28,000 4 22,600 4 30,000. Calculate the profitability index for project X and Y.