Moerdyk & Co. is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. If the decision is made by choosing the project with the higher IRR, how much value will be forgone, if any? Please show work.

WACC:12.00%

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CFS -$1,025 S650 S450 S250 S50 CFL -$1,025 S100 S300 S500 S700