ST Inc. is considering two mutually exclusive projects. Both require an initial investment of $9100 at t = 0. Project X has an expected life of 2 years with after-tax cash inflows of $5,500 and $8200 at the end of Years 1 and 2, respectively. In addition, Project X can be repeated at the end of Year 2 with no changes in its cash flows. Project Y has an expected life of 4 years with after-tax cash inflows of $4800 at the end of each of the next 4 years. Each project has a WACC of 11%. What is the equivalent annual annuity of the most profitable project? Do not round intermediate calculations.

a. $1,680.15

b. $2,510.25

c. $1,866.83

d. $1,553.77

e. $1465.82