11.9

A firm is considering two mutually exclusive projects, X and Y, with the following cash flows: Project X Project Y -$1,000 $90 -$1,000 $1,100 $280 $110 $370 $45 $ 650 $45 The projects are equally risky, and their WACC is 9%. What is the MIRR of the project that maximizes shareholder value? Do not round intermediate calculations. Round your answer to two decimal places. %