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

1

2

3

4

Project S

Project L

• $1,000 $879.13
• $1,000 $0

$250

$250

$10

$15

$420

$747.00

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.

A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: Project 5 Project L