29. A firm needs to estimate the Equivalent Annual Annuity (EAA) of two projects, since these projects can be repeated indefinitely. Project X requires an initial investment of $33,000 today and is expected to generateannual cash flows of $11,000 for the next 24 years. Project Y requires an initial investment of $140,000 and is expected to generate monthly cash flows of $2,000 for the next 11 years. The cost of capital is 4%. The ___________ has the highest EAA, which is ____________ .

Project Y; $8,836

Project X; $8,618

Project X; $8,836

Project X; $9,631

Project Y; $8,367