Carolina Company is considering Projects S and L, whose cash flows the table below shows. These projects are mutually exclusive, equally risky, and are not repeatable. If the decision is made by choosing the higher IRR project, how much value will be forgone? Note that under some conditions, choosing projects based on the IRR will cause $0.00 value to be lost. Identify also the range of discount rates in which project L will be selected.

WACC 7.75%

Year	0	1	2	3	4
CFs	$ (1,050.00)	$ 675.00	$ 650.00
CFl	$ (1,050.00)	$ 360.00	$ 360.00	$ 360.00	$ 360.00

Please show work and explain "Note that under some conditions, choosing projects based on the IRR will cause $0.00 value to be lost. Identify also the range of discount rates in which project L will be selected."