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4. Modified internal rate of return (MIRR) The IRR evaluation method assumes that cash flows from the project are reinvested at the same rate equal to the IRR. However, in reality the reinvested cash flows may not necessarily generate a return equal to the IRR. Thus, the modified IRR approach makes a more reasonable assumption other than the project's IRR. Consider the following situation: Fuzzy Button Clothing Company is analyzing a project that requires an initiol investment of $2,225,000. The project's expected cash flows are: Fumry Button Clothing Company's WACC is 7%, and the project has the same risk as the firm's average project. Calculate this project's modified internal rate of return (MIRR): Furzy Button Clothing Company's WAOC is 7%, and the project has the same risk as the firm's average project. Calculate this project's moddied internal rate of return (MIRR): 24.85% 12.07% 31.75% 23.47% If Fuzry Button Clothing Compary's managers select projects based on the MiRR criterion, they should this independent project. Which of the following statements about the relationship between the trak and the MIRR is correct? A typical firm's beR will be greater than its MIRR. A typicat firm in tRR witt be fiss than its MtfR. A typical firm's IRR will be equal to its MIRR