The management of Grayer Corporation is considering the following three investment projects: 
The only cash outflows are the initial investments in the projects.
Required:
Rank the investment projects using the project profitability index.Show your work
Definitions:
Average Fixed Cost
Fixed cost divided by the quantity of output
Perfectly Competitive
A market structure characterized by many sellers and buyers, homogeneous products, no barriers to entry or exit, and perfect information, leading to optimal allocation of resources.
Market Price
The present cost at which a service or asset is available for purchase or sale on the market.
Marginal Cost
The financial outlay for creating an additional unit of a good or service.
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