11. A firm is considering two mutually exclusive projects. Both require an initial investment of $15,000 and their risks are average for the firm. Project X has an expected life of 3 years with after-tax cash inflows of $12,000 and $7,000,$3,000 at the end of Years 1 and 2 and 3, respectively. Project Y has an expected life of 2 years with after-tax cash inflows of $9,500 at the end of each of the next 2 years. The firm's WACC is 10%. Use the replacement chain to determine which project should be chosen.(2 points)