Project S costs $16,000 and its expected cash flows would be $6,000 per year for 5 years. Mutually exclusive Project L costs $36,500 and its expected cash flows would be $14,500 per year for 5 years. If both projects have a wACC of 13%, which project would you recommend? Select the correct answer. Both Projects S and L since both projects have NPV's 0 III. Neither S or L, since each project's NPV NPVs