1. Hammersmith, Ltd. Is considering a project that has the following cash flows. The WACC (weighted average cost of capital) is 10.0%. Find the MIRR. Note that a projects projected MIRR can be less than the WACC and even negative), in which case it will be rejected. Be sure to outline your steps. (9 points)

Year	Cash flow
0	- 700 (initial cash outflow)
1	- $300( negative cash flow at end of year 1)
2	$320 (positive cash flow at end of year 2)
3	$ 340 (positive cash flow at end of year 3)
4	$360 (positive cash flow at end of year 4)