A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 0 1 2 3 4 Project S -$1,000 $903.89 $240 $10 $5 Project L -$1,000 $5 $240 $420 $787.63 The company's WACC is 9.5%. 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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\begin{tabular}{lcccccc} & 0 & 1 & 2 & 3 & 4 \\ & & & & & & \\ \cline { 3 - 6 } & & & & & & \\ Project $ & $1,000 & $903.89 & $240 & $10 & $5 \\ Project L & $1,000 & $5 & $240 & $420 & $787.63 \end{tabular}