12-5: Modified Internal Rate of Return (MIRR) Problem Walk-Through Problem 12-11 MIRR and NPV Your company is considering two mutually exclusive projects, X and Y, whose costs and cash flows are shown below Year $5,000 1000 1500 2000 4000 $5,000 4,500 1500 1000 500 0 The projects are equally risky, and their cost of capital is 15%. You must make a recommendation, and you must base it on the modified IRR (MIRR). Calculate the two projects. MIRRs. Round your answers to two decimal places Project X Project Y Which project has the higher MIRR? -select