$6-14.$ Two mutually exclusive proposals are Project X and Project Y$.$ Project X requires a present investment of $$440,000.$ Estimated annual receipts for $25$ years are $$160,000$; estimated annual disbursements other than income taxes are $$60,000$; estimated annual income taxes are $$42,200.$ Project Y requires a present investment of $$575,000.$ Estimated annual receipts for $25$ years are $$175,000$; estimated annual disbursements other than income taxes are $$65,000$; estimated annual income taxes are $$44,500.$ Each project is estimated to have a $$50,000$ salvage value at the end of $25$ years. Assuming an after tax i$*$ of $10\%,$ make the necessary calculations to determine whether to recommend Project X$,$ Project Y$,$ or neither. Make a specific recommendation and explain why you made it$.$