As part of its capital budgeting decision-making process, a corporation is evaluating two mutually exclusive projects, Project X and Project Y, with the following projected cash flows:

Project X:

• Initial Investment: $500,000
• Year 1 Cash Flow: $200,000
• Year 2 Cash Flow: $200,000
• Year 3 Cash Flow: $200,000

Project Y:

• Initial Investment: $400,000
• Year 1 Cash Flow: $150,000
• Year 2 Cash Flow: $300,000
• Year 3 Cash Flow: $300,000

Both projects have a required rate of return of 10%. Based on the Net Present Value (NPV) rule, which project should the corporation undertake if it wants to maximize shareholder value?