Projects requires an initial outlay at t = 0 of $15,000, and its expected cash flows would be $5,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $38,000, and its expected cash flows would be $9,900 per year for 5 years. If both projects have a WACC of 15%, which project would you recommend? Select the correct answer. Oa. Project L, since the NPVL > NPVS. Ob. Both Projects S and L, since both projects have NPV's > 0. Oc. Neither Project Snor L, since each project's NPV NPVL Oe. Both Projects S and L, since both projects have IRR's > 0. A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 Projects - $1,000 $886.69 $240 $5 $10 Project L -$1,000 $10 $240 $400 $784.63 The company's WACC is 10.0%. What is the IRR of the better project? (Hint: The better project may or may not be the one with the higher IRR.) Round your answer to two decimal places. %