A company is considering two mutually exclusive projects. Both require an initial investment of $10,000 at t = 0. Project X has an expected life of 2 years with after-tax cash inflows of $8,000 and $7,000 at the end of Years 1 and 2, respectively. In addition, Project X can be repeated at the end of Year 2 with no changes in its cost or cash flows. Project Y has an expected life of 4 years with after-tax cash inflows of $4,000, $4,250, $4,500, and $4,750 at the end of each of the next 4 years, respectively. Each project has a WACC of 12%. Using the replacement chain approach or equivalent annual annuity, which is the most profitable project and why