Project 5 requires an initial outlay at t=0 of $16,000, and its expected cash flows would be $5,500 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 $14,000 per year for 5 years. If both projects have a waCC of 13%, which project would you recommend? Select the correct answer. - Project L, because the NPV > NPVS. b. Neither Project S nor L, because each project's NPV NPVL. d. Both Projects S and L, because both projects have IRR's >0. e. Both Projects S and L, because both projects have NPV's >0