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

$01234$

Project S $-$$$1,000$ $$901\mathrm{.}42$ $$240$ $$15$ $$5$

Project L $-$$$1,000$ $$10$ $$250$ $$420$ $$735\mathrm{.}98$

The company's WACC is $8\mathrm{.}5\%.$ 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.

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