10-11 MIRR and NPV Your company is considering two mutually exclusive projects, J and K, whose costs and cash flows are shown below: Year $(5,000) 1,000 1,500 2,000 4,000 $(5,000) 4,500 1,500 1,000 500 2 4 The projects are equally risky, and their cost of capital is 12%. You must make a recommenda- tion, and you must base it on the modified IRR (MIRR). What is the MIRR of the better project