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Problem Walk-Through

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

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Project S	-$1,000	$879.11	$250	$10	$10
Project L	-$1,000	$5	$250	$400	$760.11

The company's WACC is 10.0%. 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.