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A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 + + Projects -$1,000

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A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 + + Projects -$1,000 $860.43 $260 $15 $5 Project L -$1,000 $5 $260 $400 $794.20 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. %

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