8. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) ellook Project S requires an initial outlay at t-0 of $20,000, and its expected cash flows would be $4,500 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t - 0 of $25,500, and its expected cash flows would be $8,400 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. Co. Project L, because the NPV, > NPVS- Ob. Project S, because the NPVS > NPVL Oc. Both Projects S and L, because both projects have IRR's > 0. Od. Neither Project S nor L, because each project's NPV 0