In: Finance
A company is analyzing two mutually exclusive projects, S and L, with the following cash flows:
| 0 | 1 | 2 | 3 | 4 | 
| Project P | -$1,000 | $872.56 | $250 | $10 | $10 | 
| Project Q | -$1,000 | $0 | $260 | $380 | $863.80 | 
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.