Stars Technologies is considering two potential projects, X and Y. In assessing the projects' risk, the company has estimated the beta of each project and has also conducted a simulation analysis. Project X Project Y Expected NPV $300,000 $300,000 Standard deviation (NPV) $180,000 $150,000 Estimated project beta 0.8 1.2 Which of the following statements is most correct?

a. Project X has a higher level of total risk relative to Project Y.

b. Project Y has a higher level of market risk relative to Project X.

c. Both statements a and b are correct.

d. Statement a only.

e. Statements a / b / c