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 $868.99 $260 $15 $15
Project L - $1,000 $5 $250 $420 $745.99
The company's WACC is 9.5%. 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. %