4. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) eBook Project S requires an initial outlay at t = 0 of $18,000, and its expected cash flows would be $5,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $25,000, and its expected cash flows would be $8,600 per year for 5 years. If both projects have a WACC of 14%, which project would you recommend? Select the correct answer. Oa. Neither Project Snor L, because each project's NPV NPVS. Oc. Both Projects S and L, because both projects have NPV's > 0. Od. Both Projects S and L, because both projects have IRR's > 0. Oe. Project S, because the NPVs > NPVL Grade it Now Save & Continue