Project s requires an initial outlay at t = 0 of $15,000, 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 $29,500, and its expected cash flows would be $12,850 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer O a Project L since the NPV > NPV. b. Both Projects and L, since both projects have NPV > 0. c. Neither Project Snor L. Since each project's NPV CO. d. Both Projects and L. since both projects have IRR's > 0 e. Project 5. since the NPVs > NPVL