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A company is analyzing two mutually exclusive projects, S and L, whose cash flows are shown below: The company's cost of capital is 12 percent.

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A company is analyzing two mutually exclusive projects, S and L, whose cash flows are shown below: The company's cost of capital is 12 percent. What is the IRR of the better project, i.e., the project which the company should choose if it wants to maximize its stock price? (6 points)

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