Carlyle Inc. is considering two mutually exclusive projects. Both require an initial investment of $14,200 at t=o. Project S has an expected life of 2 years with after-tax cash inflows of $7,400 and $14,600 at the end of Years 1 and 2, respectively. In addition, Project S can be repeated at the end of Year 2 with no changes in its cash flows. Project L has an expected life of 4 years with after-tax cash inflows \$7,000 at the end of each of the next 4 years. Each project has a WACC of 10%. What is the equivalent annual annuity of the most profitable project? Do not round your intermediate calculations. a. $3,390.48 b. $3,729.52 c. $2,520.31 d. $2,927.56 e. $2,646.67