10. Problem 11.11 (Capltal Budgeting Criteriat Mutually Exclusive Projects) Project 5 requires an initial outiay at t0 of $14,000, and its expected cath flows would be $6,000 per year for 5 years. Mutually exduaive Project L requiries an initial euttev at t 0 of $35,500, and its expected cash flows would be $10,300 per year for 5 years. If both projects have a Wacc of 13%, which project wauld you recommend? Select the correct answer, 3. Project L, because the NPVL>NPVs. b. Neither Project S nor L, because each project's NPV 0. 4. Both Projects 5 and L, because both projects have NPV's >0. Project S, because the NPVS > NPV