1. Boron nitride spray II (BNS II) from GEs Advanced Material Ceramics Division is a release agent and lubricant that prevents materials such as molten metal, rubber, plastics, and ceramic mate- rials from sticking to or reacting with dies, molds, or other surfaces. A European distributor of BNS II and other GE products had the net cash flows shown.

2. Use the MIRR method to determine an external rate of return for the cash flows given in Problem 1. Assume the borrowing rate and the reinvestment rate are both equal to 12% per year (which we'll assume is the firm's MARR).

\begin{tabular}{cc} \hline Year & Net Cash Flow, $ \\ \hline 0 & 17,000 \\ 1 & 20,000 \\ 2 & 4,000 \\ 3 & 11,000 \\ 4 & 32,000 \\ 5 & 47,000 \\ \hline \end{tabular} \begin{tabular}{cc} \hline Year & Net Cash Flow, $ \\ \hline 0 & 17,000 \\ 1 & 20,000 \\ 2 & 4,000 \\ 3 & 11,000 \\ 4 & 32,000 \\ 5 & 47,000 \\ \hline \end{tabular}