1. A mining company is deciding whether to open a strip mine, which costs $4.4 million. Net cash flows of $27.7 million would occur at the end of Year 1. The land must be returned to its natural state at a cost of $25.0 million, payable at the end of Year 2.

a. Should the project be accepted if the cost of capital is 8%? If cost of capital is 14%?

b. What is the project's MIRR at cost of capital of 8%, at 14%? Does MIRR method lead to the same accept-reject decision as the NPV method?

2. A project has the following cash flows:

0	1	2	3	4	5
-$500	$202	-$X	$196	$350	$451

This project requires two cash outflows at Years 0 and 2, but the remaining cash flows are positive. Its WACC is 10%, and its MIRR is 14.14% What is the Year 2 cash outflow?

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