eBook Project S requires an initial outlay at t = 0 of $13,000, and its expected cash flows would be $4,500 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $41,000, 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. O a. Project L, since the NPVL > NPVS. O b. Neither Project Snor L, since each project's NPV NPVL. O d. Both Projects S and L, since both projects have IRR's > 0. e. Both Projects S and L, since both projects have NPV's > 0