18. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) eBook Project s requires an initial outlay att - 0 of $12,000, and its expected cash flows would be $5,500 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t - 0 of $28,000, and its expected cash flows would be $11,800 per year for 5 years. If both projects have a WACC of 16%, which project would you recommend? Select the correct answer Ca. Neither Project Snor L, since each project's NPV 0. Oc. Both Projects S and I, since both projects have IRR's > 0. Od. Project L, since the NPV > NPVS. Oe. Project S, since the NPVs > NPVL