A company is considering two mutually exclusive projects. Both require an initial investment of $15,100 at t = 0. Project S has an expected life of 2 years with after-tax cash inflows of $7,900 and $13,000 at the end of Years 1 and 2, respectively. In addition, Project S can be repeated at the end of Year 2 with no changes in its cash flows. Project L has an expected life of 4 years with after-tax cash inflows of $5,400 at the end of each of the next 4 years. Each project has a WACC of 9%. What is the equivalent annual annuity of the most profitable project? Do not round your intermediate calculations.

$1,352.36

$731.71

$739.10

$1,686.06

$1,756.31