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

IRR and NPV
A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:
0
1
2
3
4
Project S
-$1,000
$859.03
$260
$15
$10
Project L
-$1,000
$5
$250
$400
$780.04
The company's WACC is 8.5%.
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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