Claire Inc. is considering two mutually exclusive projects.Both require an initial investment of $16,000 at t = 0.Project S has an expected life of 2 years with after-tax cash inflows of $8,000 and $12,000 at the end of Years 1 and 2, respectively.Project L has an expected life of 4 years with after-tax cash inflows of $5,500 at the end of each of the next 4 years.Each project has a WACC of 12.00%, and neither can be repeated.The controller prefers Project S, but the CFO prefers Project L.How much value will the firm gain or lose if Project L is selected over Project S? Show work.