A firm is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. Assume a common WACC of 15%. Which project would be chosen by the Profitability Index (PI) criterion?

Project	Year 0	Year 1	Year 2	Year 3	Year 4
S	-$995 million	$385 million	$400 million	$525 million	$650 million
L	-$2.05 billion	$705 million	$835 million	$950 million	$1.025 billion

A) Project L, because its PI > 1

B) Project S, because its PI > 0

C) Both projects, because PI > 1 for both

D) Project S, because its PI > 1

E) Project S, because PI (S) > PI (L) and PI (S) > 1