Project S requires an initial outlay at t= 0 of $11,000, and its expected cash flows would be $4,500 per year for 5 years. Mutually exclusive Project L. requires an initial outlay at t-0 of $44,000, and its expected cash flows would be $8,500 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend? Select the correct answer. a. Project S, because the NPVS NPVL b. Neither Project S nor L, because each project's NPV<0. c. Both Projects S and L, because both projects have NPV's 0. d. Both Projects S and L, because both projects have IRR's>0. e. Project L, because the NPVL NPVS

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