A company is analyzing two mutually exclusive projects, S and L, whose cash flows are shown below:

Year	0	1	2	3	4
CF (S)	-1,100	900	350	50	10
CF (L)	-1,100	0	350	50	850

The company's cost of capital is 12 percent, and it can get an unlimited amount of capital at that cost. What is the regular IRR (not MIRR) of the better project? (Hint: To identify which project is better, you need to apply a technique that you have seen in the past).