- The Project X has just one outflow: $1,000 at t=0, this means that it is not discounted and its PV=$I,000. (Note: if the project has more than one outflow, you need to find the PV at f=0 for each one and sum them to arrive at the PV of total costs for use in the MIRk calculation.) - You need to find the future value of each inflow compounded at the WACC out to the terminal year, which is the year the last inflow is recelved. (Hint: Assume that cash flows are reinvested at the WACC.) - You have the cost at t=0,$1,000, and the FV. There is some discount rate that will cause the PV of the terminal value to equal the cost. That interest rate is defined as the MIRR. (Note: Using your financial calculator, enter N=4,PV=1,000,PMT=0, and FV. Then when you press the WFR key, you get the MIRR. Some calculators have a built-in MIRR function that streamlines the process. In Excel, you can use either the RATE function or MIRR function to calculate the MIRR.) Complete the following table