4. Two mutually exclusive projects - projects X and Y - are being considered. Both projects require an initial cash outflow of $100,000, and both projects have a cost of capital of 10% per year Project X is expected to generate net cash inflows over 4 years in the amount of $32,500 per year Project Y is expected to generate net cash inflows over 8 years in the amount of $19,500 per year Which of the following statements apply to the analysis of these projects? (Circle your answer, 2.5 points) a. accept Y, after adjusting for unequal lives b. the equivalent annuity for Y is higher than for X c. the NPV for X is higher than for Y, after adjusting for unequal lives d. the capitalized value for project Y is higher than for X