A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 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. % Project L costs $60,000, its expected cash inflows are $13,000 per year for 10 years, and its WACC is 12%. What is the project's payback? Round your answer to two decimal places. years