Project X and Project Y are two mutually exclusive projects. Project X requires an initial outlay of $38,000 and generates a net cash flow of $14,000 per year for six years. Project Y requires an initial outlay of $52,000, and will generate cash flows of $15,300 per year for eight years. Which project should be chosen and why? (Assume that the discount rate for both projects is 10 percent).

		A. Project X because Project X has a larger NPV than Project Y.
		B. Project Y because Project Y has a larger NPV than Project X.
		C. Project Y because Project Y has a larger Equivalent Annual Series than Project X.
		D. Project X because Project X has a larger Equivalent Annual Series than Project Y.
		E. Both projects X and Y because both projects have positive NPV.