Project S requires an initial outlay at t = 0 of $15,000, and its expected cash flows would be $6,500 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 $13,950 per year for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. O a. Project L, since the NPVL > NPVs, O b. Neither Project S nor L, since each project's NPV NPVL O d. Both Projects S and L, since both projects have IRR's > 0. O e. Both Projects S and L, since both projects have NPV's > 0