Project S requires an initial outlay at t = 0 of $16,000, and its expected cash flows would be $4,500 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $35,500, and its expected cash flows would be $13,300 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, since both projects have IRR's > 0. b. Neither Project S nor L, since each project's NPV < 0. c. Both Projects S and L, since both projects have NPV's > 0. d. Project L, since the NPVL > NPVS. e. Project S, since the NPVS > NPVL.