Project $ requires an initial outlay at t=0 of $10,000, and its expected cash flows would be $6,500 per vear for 5 vears. Mutually exclusive Project L requires an initial outlay at t= 0 of $34,500, and its expected cash flows would be $8,000 per year for 5 years. If both projects have a wacC of 16 th, which project would you recommend? Select the correct answer: 2. Both Projects S and L, because both projects have NPV's >0. b. Neither Project's nor L, because each project's NPV NPVS. 1. Project S, because the NPVs > NPV. 2. Both Projects S and L, because both projects have IRR's >0