Project S requires an initial outlay at t = 0 of $11,000, and its expected cash flows would be $7,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $26,000, and its expected cash flows would be $10,800 per year for 5 years. If both projects have a WACC of 14%, which project would you recommend? Select the correct answer. a. Neither Project S nor L, since each project's NPV < 0. b. Project L, since the NPVL > NPVS. c. Project S, since the NPVS > NPVL. d. Both Projects S and L, since both projects have NPV's > 0. e. Both Projects S and L, since both projects have IRR's > 0.