Celestial Crane Cosmetics is analyzing a project that requires an initial investment of $550,000. The profect's expected cash flows are: Celestial Crane Cosmetics's WACC is 8%, and the project has the same risk as the firm's average project. Calculate this project's modified internal rate of return (MIRR): 18.81% 16.36% 17,18% 15.54% If Celestial Crane Cosmetics's managers select projects based on the MIRR criterion, they should this independent project. Which of the following statements best describes the difference between the lRR method and the MIRR method? The IRR method uses only cosh inflows to calculate the IRR. The MIRR method uses both cash inflows and cash outhows to calculate the MIRR. The IRR method uses the present value of the initial investment to calculate the IRR. The MIRR method uses the terminal value of the intial investment to calculate the MIRR. The IRR method assumes that cash fiows are reinvested at a rote of return equal to the IRR. The MIRR. method assumes that cash fiows are reinvested at a rote of return equal to the cost of capital