Project S requires an initial outlay at t=0 of $11,000, and its expected cash flows would be $6,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t= 0 of $48,500, and its expected cash flows would be $9,300 per year for 5 years. If both projects have a WACC of 16%, which project would you recommend? Select the correct answer. a. Both Projects S and L, because both projects have NPV's >0. b. Neither Project S nor L, because each project's NPV NPV d. Project L, because the NPV VL>NNVS. e. Both Projects S and L, because both projects have IRR's >0