Project S requires an initial outlay at t = 0 of $13,000, 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 $43,000, and its expected cash flows would be $8,000 per year for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. O a. Both Projects S and L, since both projects have NPV's > 0. O b. Neither Project S nor L, since each project's NPV NPVL. 10 d. Both Projects S and L, since both projects have IRR's > 0. O e. Project L, since the NPVL > NPVS