Question: A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: Project S -$1,000 $892.64 $240 $15 $5 Project L

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

Project S -$1,000 $892.64 $240 $15 $5
Project L -$1,000 $5 $250 $420 $773.28

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.

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