IRR and NPV
A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:
| Project S |
-$1,000 |
$899.38 |
$240 |
$5 |
$5 |
| Project L |
-$1,000 |
$0 |
$260 |
$400 |
$818.04 |
The company's WACC is 10.5%. 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.