Gold Mining, Inc. is using the profitability index (PI) when evaluating projects. Gold Mining’s cost of capital is 10.77 percent. What is the PI of a project if the initial costs are $2,242,560 and the project life is estimated as 5 years? The project will produce the same after-tax cash inflows of $669,614 per year at the end of the year. Round the answer to two decimal places.