Project S requires an initial outlay at t = 0 of $12,000, 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 $25,000, and its expected cash flows would be $11,700 per year for 5 years. If both projects have a WACC of 16%, which project would you recommend? Select the correct answer. a. Neither Project S nor L, since each project's NPV 0. O c. Project S, since the NPVs > NPVL d. Both Projects S and L. since both projects have IRR'S 0. O e. Project L, since the NPVL > NPVS