McDougal Products has $15,000 to invest and is trying to decide between two alternatives using a net present value analysis. The companys discount rate is 12% and information about the alternatives cash flows are presented below:

	Project X		Project Y
Investment required	$	20,000	$	20,000
Annual cash inflows in each year of the projects life	$	6,000
Single cash inflow at the end of the project			$	24,000
Life of the project	4 years		4 years

The net present value of each of the projects is closets to (factors from Exhibit 12B-1 and Exhibit 12B-2 for an interest rate of 12% are provided below):

Period	Present value of $1	Present value of an annuity
1	0.893	0.893
2	0.797	1.690
3	0.712	2.402
4	0.636	3.037
5	0.567	3.605

	a.	Project X Project Y ($4,736) ($4,736)
	b.	Project X Project Y ($1,772) ($1,772)
	c.	Project X Project Y $1,772 $4,736
	d.	Project X Project Y ($1,772) ($4,736)