A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:

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Project S	-$1,000	$866.65	$250	$15	$15
Project L	-$1,000	$5	$240	$380	$816.60

The company's WACC is 10.5%. 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.

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MIRR

A firm is considering two mutually exclusive projects, X and Y, with the following cash flows:

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Project X	-$1,000	$110	$280	$370	$650
Project Y	-$1,000	$900	$90	$50	$45

The projects are equally risky, and their WACC is 12.0%. What is the MIRR of the project that maximizes shareholder value? Round your answer to two decimal places.

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