Project S requires an initial outlay at t = 0 of $11,000, 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 $48,000, and its expected cash flows would be $10,100 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer. a. Project S, because the NPV > NPV. b. Neither Project S nor L, because each project's NPV < 0. c. Both Projects S and L, because both projects have IRR's > 0. d. Both Projects S and L, because both projects have NPV's > 0. e. Project L, because the NPV > NPV.