1. SpringForm Environmental Ltd is evaluating two conventional, independent capital budgeting projects (X and Y). Project X has an internal rate of return of 16% while project Y's rate of return is 12%. The appropriate risk-adjusted discount rate for Project X is 18%, while for Project Y it is 10%. The company's overall, weighted-average cost of capital is 14%. Which projects should SpringForm accept and reject? Include a reason for your answer.(4 marks)