Noe Drilling is considering projects X and Y, whose net cash flows over Year 0 to Year 4 are as follows: Project X: -$1,100, $550, $600, $100, $0 and Project Y: -$2,750, $725, $725, $800, $1,300. These projects are mutually exclusive, equally risky, and not repeatable. At what discount rate would the company be indifferent between these two projects?

A) 9.7%

B) 10.5%

C) 10.9%

D) 11.3%

E) 11.9%