12-11 MIRR and NPV Your company is considering two mutually exclusive projects, X and Y, whose costs and cash flows are shown here: Year 0 1 -$5,000 1,000 1,500 2,000 4,000 Y -$5,000 4,500 1,500 1,000 500 2 3 4 The projects are equally risky, and their cost of capital is 12%. You must make a recommendation, and you must base it on the modified IRR (MIRR). Which project has the higher MIRR