Project S requires an initial outlay at t = 0 of $12,000, 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 $28,500, and its expected cash flows would be $10,700 per year for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. Oa. Project S, because the NPVs > NPVL. Ob. Neither Project S nor L, because each project's NPV NPVS. Od. Both Projects S and L, because both projects have NPV's > 0. Oe. Both Projects S and L, because both projects have IRR's > 0