As the director of capital budgeting for Denver Corporation, you are evaluating two mutually exclusive projects with the following net cash flows: Project Z Project X Cash Flow Cash Flow Year -$100,000 -$100,000 60,000 10,000 1. 30,000 50,000 40,000 3 30,000 70,000 4 10,000 If Denver's cost of capital is 12 percent, which project would you choose? Neither project should be chosen Project X, and Project Z, since both have a positive NPV Project Z, since it has the higher NPV Project X, since it has the higher NPV