3. Problem 11.11 (Capital Budgeting Criteriat Mutually Exclusive Projects) LO eBook Projects requires an initial outlay att 0 of $13,000, and its expected cash flows would be $5,500 per year for 5 years. Mutually exclusive Project 1. requires an initial outloy att 0 of $26,000, and its expected cash flows would be $11,550 per year for 5 years. If both projects have a WACC of 14%, which project would you recommend? Select the correct answer. a. Both Projects S and L, because both projects have NPV's > 0. b. Project L, because the NPVL > NPVS. c. Both Projects S and L, because both projects have IRR'S > 0. d. Project S, because the NPVs > NPVL. e. Neither Project Snor L, because each project's NPV