Question: Hi I received the below test question as wrong and am trying to understand how to identify the correct answer in excel. Tall Trees, Inc.

Hi I received the below test question as wrong and am trying to understand how to identify the correct answer in excel.

Tall Trees, Inc. is using the modified internal rate of return (MIRR) when evaluating projects. The company is able to reinvest cash flows received from the project at an annual rate of 8.90 percent. What is the MIRR of a project if the initial costs are $1,675,400 and the project life is estimated as 9 years? The project will produce the same after-tax cash inflows of 614,700 per year at the end of the year.

Answer: 7.64 Incorrect Response (18.92) %

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