6. Project X and Y are mutually exclusive and it is reasonable to assume indefinite life for both projects. Both projects are average risk projects. The firm's discount rate is 24 percent: Project X has a one cycle life of 4 years and Project Y has a one cycle life of 6 years. The following are the cash flows: a. Determine the equivalent annual annuity of the two projects. b. Which project should be selected and why? (Must be the right reason)