6. Carlyle Inc. is considering two mutually exclusive projects. Both require an initial investment of $13,000 at t = 0. Project S has an expected life of 2 years with after-tax cash inflows of $7,600 and $14,000 at the end of Years 1 and 2, respectively. In addition, Project S can be repeated at the end of Year 2 with no changes in its cash flows. Project L has an expected life of 4 years with after-tax cash inflows of $5,200 at the end of each of the next 4 years. Each project has a WACC of 9%. What is the equivalent annual annuity of the most profitable project? a. 2,977.62 b. 1,187.31 c. 973.59 d. 2,552.24 e. 3,272.11