Project S requires an initial outlay at t = 0 of $14,000, 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 $39,000, and its expected cash flows would be $10,100 per year for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. Oa. Neither Project S nor L, because each project's NPV < 0. Ob. Project S, because the NPVS > NPVL. Oc. Both Projects S and L, because both projects have IRR's > 0. Od. Project L, because the NPVL > NPVs. Oe. Both Projects S and L, because both projects have NPV's > 0.