A firm needs to estimate the equivalent annual annuity (EAA) of two projects, since these projects can be repeated indefinitely. Project X requires an intial investment of 31,000 today and is expected to generate annual cash flows of 11,000 for the next 21 years. Project Y requires an intial investment of 120,000 and is expected to generate monthly cash flows of 1,800 for the next 15 years. The cost of capital is 10%. The ____ has the highest EAA, which is ____. A.) Project Y ; 6,245 B.) Project Y ; 7,416 C.) Project X; 6,620 D.) Project X; 7,416 E.) Project X; 7,786