Gripin Corp. is considering two mutually exclusive projects. Both require an initial investment of $50,000, and their risks are average for the firm. Project X has an expected life of 3 years with after-tax cash inflows of $20k, $30k and $20k at the end of Years 1,2 and 3, respectively. Project Y has an expected life of 2 years with after-tax cash inflows of $35k at the end of each of the next 2 years. The firm's WACC is 10%. Use the replacement chain approach to determine the NPV of the most profitable project. Project X Project Y Years Cash Flows Years Cash Flows 0 -$50,000 0 -$50,000 1 20,000 1 35,000 2 30,000 2 35,000 3 20,000 $18,349 $18,613 $23,693 $26,961