CDB Corporation has to choose only one investment project among the two options X and Y. The discount rate for the X is 9%, while the discount rate for the Y is 39% (project Y happens to have higher market risk). Which investment project should the CDB select and why? (Assume a 0% inflation rate and that projected costs do not change over time.)

a.Y, because it has a higher net present value b.X, because it has a higher net present value c.Y, because it has a higher equivalent annual cash flow d.X, because it has a higher equivalent annual cash flow