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A company is analyzing two mutually exclusive projects, S and L , with the following cash flows: 0 1 2 3 4 Project S -

A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:
01234
Project S -$1,000 $877.45 $260 $10 $15
Project L -$1,000 $5 $260 $380 $810.58
The company's WACC is 9.5%. 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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