a. IRR

Project L costs $43,989.34, its expected cash inflows are $9,000 per year for 10 years, and its WACC is 9%. What is the project's IRR? Round your answer to two decimal places.

b. PAYBACK PERIOD

Project L costs $45,000, its expected cash inflows are $8,000 per year for 6 years, and its WACC is 12%. What is the project's payback? Round your answer to two decimal places.

c. IRR AND NPV

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

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Project S	-$1,000	$875.23	$250	$15	$10
Project L	-$1,000	$10	$240	$420	$751.48

The company's WACC is 8.0%. 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.