A firm with a cost of capital of 4% have two mutually exclusive projects. Project X requires an initial investment of $35,000 today and is expected to generate $15,000 for the next 10 years. Project Y requires an initial investment of $38,000 and is expected to generate $17,500 for the next 10 years. The firm will choose Project X, which has an NPV of $103,941 Project Y, which has an NPV of $110,177 Project Y, which has an NPV of $94,463 both projects, with NPV of $86,663 for Project X and $103,941 for Project Y Project Y, which has an NPV of $103,941