9. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) Project 5 requires an initial outlay at t=0 of $15,000, and its expected cash flows would be $6,000 per year for 5 years. Mutually exelusive Project L requires an initial outlay at t=0 of $48,500, and its expected cash flows would be $10,900 per year for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. a. Both Projects S and L, because both projects have IRR's >0. b. Project L, because the NPV > NPVS. c. Project S, because the NPVs >NPVL. d. Neither Project 5 nor L, because each project's NPV