1. Bellinger Industries is considering two projects for inclusion in its capital budget, and you have been asked to do the analysis. Both projects' after-tax cash flows are shown on the time line below. Depreciation, salvage values, net operating working capital requirements, and tax effects are all included in these cash flows. Both projects have 4-year lives, and they have risk characteristics similar to the firm's average project. Bellinger's WACC is 9%.

0		1		2		3		4
Project A	-950		600		430		210		260
Project B	-950		200		365		360		710

What is Project A's MIRR? Do not round intermediate calculations. Round your answer to two decimal places.

%

What is Project B's MIRR? Do not round intermediate calculations. Round your answer to two decimal places.

%

2.A firm is considering two mutually exclusive projects, X and Y, with the following cash flows:

0

1

2

3

4

Project X	-$1,000	$100	$280	$370	$700
Project Y	-$1,000	$1,100	$110	$45	$50

The projects are equally risky, and their WACC is 12%. What is the MIRR of the project that maximizes shareholder value? Do not round intermediate calculations. Round your answer to two decimal places.