Given the following information for projects X and Y, which one should be chosen and why? Project X Project Y Net present value $2,00,000 $3,000,000 Project life 5 years 8 years Required return 10% 10%

Select one: a. Choose Project X, as it has a lower equivalent annual cost than Project Y. b. Choose Project Y, as it has a lower equivalent annual cost than Project X. c. Choose Project Y, as it has a higher equivalent annual benefit than Project X. d. Choose Project X, as it has a higher equivalent annual benefit than Project Y. e. Choose Project Y, as it has a higher net present value than Project X