Attempts Keep the Highest/1 3. Problem 11.11 (Capital Budgeting Criteria: Mutually Exclusive Projects) E eBook Project S requires an initial outlay at t - 0 of $17,000, 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 $30,500, and its expected cash flows would be $9,600 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. Ca. Project S, since the NPVs > NPVL. Ob. Project L, since the NPVL > NPVs. Oc. Both Projects S and L, since both projects have IRR's > 0. Od. Both Projects S and L, since both projects have NPV's > 0. Oe. Neither Project S nor L, since each project's NPV