A construction company is bidding for two projects, Project X and Project Y. Project X requires an investment of $500,000 and is expected to generate annual profits of $80,000 for 5 years. Project Y requires an investment of $700,000 and is expected to generate annual profits of $120,000 for 7 years. If the company's required rate of return is 12%, which project should it choose based on the Net Present Value (NPV) criterion?