please give a written answer, please do not use excel as it has to be written out. thank you.

You must analyze the cash flows of two projects, S and L. Project S: CFO = -1500; CF1 = 800; CF2 = 700; CF3 = 100; CF4 = 600 Project L: CFO = -1500; CF1 = 200; CF2 = 600; CF3 = 900; CF4 = 700 Given a required rate of return of 10%, what is the IRR of the better project? (Note: the better project may not be the one with the higher IRR) 20.00% 17.35% 18.27% 14.51% 21.50%