Project S requires an initial outlay at t = 0 of $14,000, 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 $44,000, and its expected cash flows would be $14,950 per year for 5 years. If both projects have a WACC of 14%, which project would you recommend? Select the correct answer. O O a. Both Projects S and L, since both projects have IRR's > 0. b. Neither Project S nor L, since each project's NPV NPVS. d. Both Projects S and L, since both projects have NPV's > 0. O e. Project S, since the NPVS > NPVL