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4. Problem 11.12 (IRR and NPV) eBook Problem Walk-Through A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:

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4. Problem 11.12 (IRR and NPV) eBook Problem Walk-Through A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 Projects -$1,000 $874.06 $260 $5 $15 Project L -$1,000 $5 $260 $380 $833.89 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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