A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 1 1 2 3 4 Project S Project L -$1,000 $858.31 - $1,000 $5 $260 $250 $10 $380 $15 $819.86 The company's WACC is 10.5%. 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