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.
选项：

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.Difficulty: 1 EasyTopic: Present value - multiple cash flowsLearning Objective: 06-01 Determine the future and present value of investments with multiple cash flows.