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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 Project S - $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 Project S - $1,000 $903.24 $240 $5 $5 Project L - $1,000 $5 $240 $420 $802.95 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. 12 %

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