6. Problem 11.12 (IRR and NPV)

A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:

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Project S	-$1,000	$880.47	$240	$15	$10
Project L	-$1,000	$5	$240	$420	$797.36

The company's WACC is 8.0%. 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.