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 $885.14 $250 $15 $10
Project L $1,000 $10 $260 $380 $780.27
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. %