A company is analyzing two mutually exclusive projects, S and L$,$ with the following cash flows:

$01234$

Project S $-$$$1,000$ $$896\mathrm{.}96$ $$240$ $$5$ $$5$

Project L $-$$$1,000$ $$10$ $$250$ $$400$ $$774\mathrm{.}94$

The company's WACC is $9\mathrm{.}0\%.$ 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.