Two mutually exclusive projects each have a cost of $10,000. The total undiscounted cash inflows from project L are $15,000, while the undiscounted cash inflows from project S total $13,000. Their NPV profiles cross at a discount rate of 10%. At the crossover point, both NPVs are positive.

If the required rate of return is greater than the IRR of Project S, which project should be chosen, according to the IRR decision rule?

a. Project L only

b. Both L and S

c. Either L or S

d. Project S only

e. Neither L nor S