Investments X and Y are mutually exclusive and have an initial cost of $100,000 each. Investments X provides cash inflows of $35,000 a year for three years while Investments Y produces a cash inflow of $116,000 in Year 3. Which investment(s) should be accepted if the discount rate is 11.7 percent? What if the discount rate is 13.5 percent?

a. Accept X at both discount rates

b. Accept X at 11.7 percent and neither at 13.5 percent

c. Accept Y at both discount rates

d. Accept both at 11.7 percent and neither at 13.5 percent

e. Accept Y at 11.7 percent and neither at 13.5 percent