Problem 11.11 (Capital Budgeting Criterias Mutually Exciusive Projects) Project $ requires an initial outiay at t=0 of $10,000, and its expected cash fows would be $5,000 per year for 5 years. Mutually exelusive Project L requires an inital outiay at t. - 0 of 349,000 , and its expected cash flows wauld be $14,300 per year for 5 years. Ht both projects have a wace of 16%, which project would you recommend? Select the correct answer. 1. Both Projects S and L, because both projects have IRR's >0. a. Project L, because the NPVL. > NPVS. 1. Project s, because the NPVs > NPVL. 4. Neither Project 5 nor L, because each project's NPV