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

A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 1 2 3 $15 4 $5 Project S Project L -$1,000 $865.15 $260 -$1,000 $0 $260 $400 $817.57 The company's WACC is 10.5%. 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. 0/0