Carlyle Inc. is considering two mutually exclusive projects. Both require an initial investment of $150,000 at t = 0. Project S has an expected life of 2 years with after-tax cash inflows of $80,000 and $130,000 at the end of Years 1 and 2, respectively. In addition, Project S can be repeated at the end of Year 2 with no changes in its cash flows. Project L has an expected life of 4 years with after-tax cash inflows of $58,000 at the end of each of the next 4 years. Each project has a WACC of 9%. Which project should be accepted based on Equivalent Annual Annuity?