EB eBook Project S requires an initial outlay at t = 0 of $11,000, and its expected cash flows would be $6,500 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $27,500, and its expected cash flows would be $12,750 per year for 5 years. If both projects have a WACC of 16%, which project would you recommend? Select the correct answer. Oa. Both Projects S and L, since both projects have IRR's > 0. Ob. Project S, since the NPVs > NPVL. Oc. Neither Project S nor L, since each project's NPV 0. Oe. Project L, since the NPVL > NPVS