1. A company is analyzing two mutually exclusive projects, S and L, whose cash flows are shown below:

   Year	Cash Flow E	Cash Flow F
   0	-$1,100	-$1,100
   1	1,000	0
   2	350	300
   3	50	1500

   The company's cost of capital is 12 percent, and it can get an unlimited amount of capital at that cost. What is the IRR of the better project?

   		12.00%
   		15.53%
   		18.62%
   		19.08%
   		20.46%