Project X has cash flows of $8,500, $8,000, $7,500, and $7,000 for Years 1 to 4, respectively. Project Y has cash flows of $7,000, $7,500, $8,000, and $8,500 for Years 1 to 4, respectively. Which one of the following statements is true concerning these two projects given a positive discount rate? (No calculations needed)

a. Both projects have the same future value at the end of Year 4.

b. Both projects have the same value at Time 0.

c. Both projects are ordinary annuities.

d. Project Y has a higher present value than Project X.

e. Project X has both a higher present and a higher future value than Project Y.