IRR and NPV 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 $868.18 $250 $10 $15
Project L -$1,000 $0 $260 $400 $827.46 The company's WACC is 9.0%.
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.