Big Company is evaluating two projects, Project A and Project B. Both projects are of equal risk. Big Company has a WACC of 10%. The expected Free Cash Flows of the projects are as follows:

Period	Annual Cash Flows Project A		Annual Cash Flows Project B
0	($25,000)		($25,000)
1	5,000		20,000
2	10,000		10,000
3	15,000		8,000
4	20,000		6,000

Compute the Modified Internal Rate of Return (MIRR) for Project A.

The Modified Internal Rate of Return of Project B is 20.96%. If Projects A and B are independent, considering only the MIRR method, which project(s) should Big Company proceed with? Explain your answer.

The Modified Internal Rate of Return of Project B is 20.96%. If Projects A and B are mutually exclusive, considering only the MIRR method, which project(s) should Big Company proceed with? Explain your answer.