eBook Project S requires an initial outlay at t = 0 of $13,000, and its expected cash flows would be $4,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $36,500, and its expected cash flows would be $9,300 per year for 5 years. If both projects have a WACC of 16%, which project would you recommend? Select the correct answer. a. Project L, since the NPVL > NPVS. b. Both Projects S and L, since both projects have NPV's > 0. C. Project S, since the NPVS > NPVL. O O O O d. Both Projects S and L, since both projects have IRR's > 0. e. Neither Project Snor L, since each project's NPV