4. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) [E] eBook Project 5 requires an initial outiay at t=0 of $17,000, and its expected cash flows would be $4,500 per year for 5 years, Mutually exclusive Project L requires an initial outiay at t=0 of $32,500, and its expected cash flows would be $11,900 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer. a. Neither Project S nor L, because each project's NPV 0. c. Project L, because the NPVL > NPVs. d. Project $, because the NPV > NPV . e. Both Projects S and L, because both projects have IRR's >0