Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) Question 16 of 20 Check My Work (3 remaining) eBook Project S requires an initial outlay at t = 0 of $14,000, and its expected cash flows would be $6,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $37,000, and its expected cash flows would be $12,750 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer. O a. Neither Project Snor L, since each project's NPV NPVL. O. c. Project L, since the NPVL > NPVS. 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