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

$01234$

Project S $-$$$1,000$ $$895\mathrm{.}11$ $$250$ $$5$ $$10$

Project L $-$$$1,000$ $$0$ $$250$ $$420$ $$791\mathrm{.}38$

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.

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