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 outiay at t=0 of $44,500, and its expectd cash flows would be $11,300 per vear for 5 years. If both projects have a WACC of 12%, which project would you recommend? Select the correct answer. a. Neither Project S nor t, because each project's NPV NPVL. c. Project L, because the NPV > NPVs. d. Both Projects S and L, because both projects have NPV's >0. e. Both Projects S and L, because both projects have IRR's >0