A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: Project S Project L W - $1,000 $862.83 -$1,000 $10 $260 $240 $10 $400 $15 $854.72 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 S requires an initial outlay at t = 0 of $15,000, and its expected cash flows would be $4,000 per year for 5 years. Mutually exclusive Project L requires an initial outlay of $34,500, and its expected cash flows would be $13,850 per year for 5 years. If both projects have a WACC of 12%, which project would you Select the correct answer. a. Project S, since the 1. Project L, since the 3522 Both Projects S and L, since e. Neither Project Snor, since each project's