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 $45,500, and its expected cash flows would be $13,550 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, because each project's NPV < 0. b. Project L, because the NPVL > NPVS. c. Both Projects S and L, because both projects have NPV's > 0. d. Project S, because the NPVS > NPVL. e. Both Projects S and L, because both projects