eBook Project S requires an initial outlay at t = 0 of $13,000, 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 $33,000, and its expected cash flows would be $9,400 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer. Oa. Neither Project S nor L, since each project's NPV NPVS. Oc. Both Projects S and L, since both projects have IRR's > 0. Od. Project S, since the NPVS > NPVL- Oe. Both Projects S and L, since both projects have NPV's > 0