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 $865.22 $260 $15 $15 Project L -$1,000 $5 $240 $380 $793.73 The company's WACC is 8.5%.
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. %