Projects S and L are equally risky, mutually exclusive, have normal cash flows and require the same cost of capital as WACC. Project S has an IRR of 15%, while Project L's IRR is 12%. The two projects have the same NPV when the WACC is 7%. Which of the following statements is CORRECT? (Hint: Draw NPV profiles of Projects S and L on the same graph.) Project L's NPV is more sensitive to change in WACC than Project S's. If the WACC is 13%, Project S will have the lower NPV. If the WACC is 10%, both projects will have negative NPVs. If the WACC is 6%, Project S will have the higher NPV. If the WACC is 0%, Project L will have the lower NPV