Project S requires an initial outlay at t = 0 of $13,000, and its expected cash flows would be $4,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $26,500, and its expected cash flows would be $12,650 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. a. Both Projects S and L, since both projects have NPV's > 0. b. Both Projects S and L, since both projects have IRR's > 0. c. Neither Project S nor L, since each project's NPV NPVS. e. Project S, since the NPVS > NPVL