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

$01234$

Project S $-$$$1,000,$$$877\mathrm{.}35,$$$260,$$$10,$$$10$

Project L $-$$$1,000,$$$0,$$$260,$$$420,$ $$772\mathrm{.}37.$

The company's WACC is $10\mathrm{.}5\%.$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.