Project S requires an initial outlay at t=0 of $16,000, and its expected cash flows would be $7,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t=0 of $26,500, and its expected cash flows would be $12,650 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. a. Both Projects S and L, because both projects have IRR's >0. b. Project L, because the NPV/ >NPV5. c. Neither Project 5 nor L, because each project's NPV NPVL . e. Both Projects S and L, because both projects have NPV's >0