As the director of capital budgeting for Denver Corporation, you are evaluating two mutually exclusive projects with the following net cash flows: Project X has cash flows of year 0=$100,000, year 1=50,000, year 2=40,000, year 3=30,000, and year 4=10,000. Project Z has cash flows in year 0=100,000, year 1=10,000, year 2=30,000, year 3=40,000, and year 4=60,000. If Denver's cost of capital is 15 percent, which project would you choose? Neither project. Project X, since it has the higher IRR. Project Z, since it has the higher NPV. Project Z, since it has the higher IRR. Project X, since it has the higher NPV