A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: F F places. %

A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 1 2 Project S Project L -$1,000 $893.11 $240 -$1,000 $5 $250 3 $10 $380 4 $15 $819.39 The company's WACC is 9.0%. 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.