Problem $11\mathrm{.}12($IRR and NPV$)$

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

The company's WACC is $8\mathrm{.}5\%.$ 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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