A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 + Projects -$1,000 $886.51 $240 $5 $15 Project L -$1,000 $0 $240 $400 $778.82 The company's WACC is 9.0%. 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. %