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:
Rationing Function
The ability of market prices to allocate scarce goods and services among competing demands.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar, leading to price-taking behavior.
Equalize Quantity
Bringing the amount of supply in line with the amount of demand.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.
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