You are given the opportunity to invest in one of two projects. Project X requires an initial outlay of $35,000, and will receive $41,000 after 3 years. Project Y requires an initial outlay of $100,000 and will receive $130,000 after 4 years. Using the Internal Rate of Return approach, which project would be preferred? Assume that the cost of capital is 3% for each project. IRR = r, when NPV = 0 =