Problems 6 to 12 A proposed project requiring an initial outlay of $230,000 will provide the following year-end cash flows (remember that the initial outlay and year 3 are negative cash flows)

Year 1 2 3 4 5 6

Cash Flows $140,000 $171,000 $-440,000 $259,000 $321,000 $265,000

Using a 6.6% required return, please compute the modified internal rate of return for the above investment (using the method described in the text that take the inflows and outflows to terminal value not the preprogramed MIRR function in Excel which brings the inflows and outflows to present values). _________________