Capital budgeting criteria: mutually exclusive projects Project S costs $13,000 and its expected cash flows would be $4,000 per year for 5 years. Mutually exclusive Project L costs $34,000 and its expected cash flows would be $11,200 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. L. Both Projects S and L, since both projects have NPV's > 0. II. Neither S or L, since each project's NPV NPVS. IV. Project S, since the NPVS > NPVL. V. Both Projects S and L, since both projects have IRR's > 0. 6 Hide Feedback Incorrect