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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 $896.67 $240

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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 $896.67 $240 $15 $5 Project L -$1,000 $5 $240 $420 $765.16 The company's WACC is 8.5%. 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 9

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