A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 Projects -$1,000 $895.47 $250 $5 $10 Project L -$1,000 $10 $260 $420 $726.75 The company's WACC is 9.0%. 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. % Project L costs $75,000, its expected cash inflows are $9,000 per year for 11 years, and its WACC is 9%. What is the project's payback? Round your answer to two decimal places. years