9. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) eBook Project S costs $12,000 and its expected cash flows would be $4,000 per year for 5 years. Mutually exclusive Project L costs $37,500 and its expected cash flows would be $9,950 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, Since both projects have IRR's > 0. b. Neither Project Snor L. Since each project's NPV NPVL d. Project L, since the NPVL > NPVS. e. Both Projects S and L, since both projects have NPV's > 0. OO