A firm needs to estimate the Equivalent Annual Annuity $($EAA$)$ of two projects, since these projects can be repeated indefinitely. Project $x$ requires an initial investment of $$38,000$ today and is expected to generate annual cash flows of $$11,000$ for the next $27$ years. Project $Y$ requires an initial investment of $$120,000$ and is expected to generate monthly cash flows of $$2,100$ for the next $11$ years. The cost of capital is $9\%.$ The of has the highest EAA

Project $Y$;$$8,166$

Project $Y$;$$7,859$

Project $Y$;$$8,901$

Project X; $$7,210$

Project X; $$8,166$