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

	0	1	2	3	4
Project S	-$1,000	$877.40	$250	$15	$15
Project L	-$1,000	$5	$250	$420	$819.46

The company's WACC is 9.5%. 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.

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b) Project A requires an initial outlay at t = 0 of $2,000, and its cash flows are the same in Years 1 through 10. Its IRR is 16%, and its WACC is 8%. What is the project's MIRR? Do not round intermediate calculations. Round your answer to two decimal places.

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