A company is considering two potential projects, X and Y. In assessing the projects' risks, the company estimated the beta of each project versus both the company's other assets and the stock market, and it also conducted thorough scenario and simulation analyses. Project X has an expected NPV of $500,000; beta of 1.4; and standard deviation of NPV is $200,000. Project Y has an expected NPV of $500,000; beta of 0.8; and standard deviation of NPV is $250,000. Which of the following can be concluded based on given data?

a. Project X has more corporate (or within-firm) risk than Project Y

b. Project X has more market risk than Project Y

c. Project X has the same level of corporate risk as Project Y

d. Project X has less market risk than Project Y

e. Project X has more stand-alone risk than Project Y