3. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) eBook Project S requires an initial outlay at t = 0 of $19,000, 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 $40,500, and its expected cash flows would be $12,850 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. Ca. Project L, since the NPVL > NPVS. Ob. Both Projects S and L, since both projects have IRR's > 0. c. Both Projects S and L, since both projects have NPV's > 0. Od. Neither Project S nor L, since each project's NPV NPVL