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 $900 250 10 10
Project L $1,000 0 250 400 800
The company's WACC is 10 percent. What is the IRR of the better project? (Hint: Note that the better project may or may not be the one with the higher IRR.)