a Assuming \($120\),000 is invested today, for the next three years \($24\),000 is returned annually, and in the fourth year a lump sum of \($70\),000 is provided. What is the IRR of this series of cash flows? Assuming a reinvestment rate of 12%, what is the MIRR of these cash flows?

b Assume \($50\),000 is invested today, next year \($15\),000 is returned, and in the second year \($40\),000 is returned. What is the IRR of this series of cash flows? Assuming that \($2\),500 is invested in a government T-bill with a one-year maturity and a rate of 0.77%, what is the MIRR of this short-term loan?