eBook Project S requires an initial outlay at t=0 of $10,000, and its expected cash flows would be $5,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t=0 of $31,500, and its expected cash flows would be $12,000 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer. a. Both Projects S and L, because both projects have NPV's >0. b. Both Projects S and L, because both projects have IRR's >0. c. Project L, because the NL>NPVS. d. Project S, because the NSVS>NPVL. e. Neither Project S nor L, because each project's NPV