Project S requires an initial outlay at t = 0 of $12,000, and its expected cash flows would be $5,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $34,000, and its expected cash flows would be $8,600 per year for 5 years. If both projects have a WACC of 16%, which project would you recommend? Select the correct answer. a. Project L, because the NPVL > NPVS. b. Both Projects S and L, because both projects have IRR's > 0. c. Project S, because the NPVS > NPVL. d. Neither Project S nor L, because each project's NPV < 0. e. Both Projects S and L, because both projects have NPV's > 0