Broject S requires an initial outlay at t=0 of $20,000, and its expected cash flows would be $7,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t=0 of $42,500, and its expected cash flows would be $11,050 per year for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. a. Neither Project 5 nor L, since each project's NPV 0. c. Project S, since the NPV/ >NPVL d. Project L, since the NPVL > NPVS. e. Both Projects S and L, since both projects have NPV's >0