As the Director of Capital Budgeting for Denver Corporation, You

As the director of capital budgeting for Denver Corporation, you are evaluating two mutually exclusive projects with the following net cash flows: If Denver's required rate of return is 15 percent, you would choose?

A) Neither project.
B) Project X, since it has the higher IRR.
C) Project Z, since it has the higher NPV.
D) Project X, since it has the higher NPV.
E) Project Z, since it has the higher IRR.