Project L costs $40,000, its expected cash inflows are $9,000 per year for 8 years, and its WACC is 11%. What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two decimal places. years Project S costs $16,000 and its expected cash flows would be $5,500 per year for 5 years. Mutually exclusive Project L costs $45,000 and its expected cash flows would be $12,950 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. O a. Neither Project Snor L, since each project's NPV NPVL. O c. Project L, since the NPVL > NPVS. O d. Both Projects S and L, since both projects have IRR's > 0. O e. Both Projects and L, since both projects have NPV's > 0. A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 Projects -$1,000 $900.85 $240 $5 $15 Project L -$1,000 $0 $240 $420 $774.35 The company's WACC is 8.0%. What is the IRR of the better project? (Hint: The better project may or may not be the one with the higher IRR.) Round your answer to two decimal places. %