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IRR and NPV A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: The company's WACC is 9.0%. What

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

0 1 2 3 4
Project S -$1,000 $896.25 $250 $10 $5
Project L -$1,000 $0 $240 $400 $792.04

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