A firm with a cost of capital of 12% have two mutually exclusive projects. Project X requires an initial investment of $50,000 today and is expected to generate $15,000 for the next 18 years. Project Y requires an initial investment of $38,000 and is expected to generate $12,500 for the next 18 years. The firm will choose Project X, which has an NPV of $55,778 both projects, with NPV of $58,745 for Project X and $52,621 for Project Y Project Y, which has an NPV of $58,745 Project X, which has an NPV of $61,682 Project X, which has an NPV of $58,745