Szek Corp is considering two mutually exclusive projects. Project X requires an initial investment of $ 8,000 at t = 0; while Project Y requires an initial investment of $12,000. Project X has an expected life of 2 years with after-tax cash inflows of $5,000 and $4500 at the end of Years 1 and 2, respectively. In addition, Project X can be and is repeated at the end of Year 2 with no changes in its cash flows. (Hint: Initial investment also has to be repeated). Project Y has an expected life of 5 years with after-tax cash inflows of $3800 at the end of each of the next 2 years and $3600 at the end of the following 3 years. Each project has a WACC of 7%. Using the replacement chain approach, what is the NPV of the most profitable project? Show work