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 $879.35 $240 $15 $15
Project L -$1,000 $10 $260 $420 $809.45
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.