34. Peanut Co. has 2 projects in which it can invest. Project X has a $300,000 initial cost and will return $600,000before tax in year 2. Project Y has $600,000 initial cost and will return $1,000,000 before tax in year 4. Thecompany uses an 8 percent discount rate for project evaluation and its marginal tax rate is expected to be 34 percentin all years. Which project(s) should Peanut Co. invest in? a. Project X onlyb. Project Y onlyc. Both projectsd. Neither project