Your firm is considering choosing either Project X or Project Y with the following cash flows:

Year 0 1 2 3 4

Project X -$150,000 $75,000 $65,000 $55,000 $45,000

Project Y -$180,000 $90,000 $70,000 $70,000 $50,000

Between a discount rate of ______ and ______ you can be sure your firm should prefer Project Y to Project X.

a. 0%; 10.25%

b. 10.25; 22.63%

c. 0%; 14.16%

d. 0%; 25%

e. 14.16%; 24.26%