Project S requires an initial outlay at t = 0 of $19,000, 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 $11,200 per year for 5 years. If both projects have a WACC of 14%, which project would you recommend? Select the correct answer. O a. Project L, since the NPVL > NPVs. O b. Project S, since the NPVS > NPVL. O c. Neither Project S nor L, since each project's NPV < 0. O d. Both Projects S and L, since both projects have NPV's > 0. O e. Both Projects S and L, since both projects have IRR's > 0.