2) a) Investment ZvZ has the following cash flows. You invest $1,844 today You receive $89, 3 years from today. You pay $336, 7 years from today. You receive $861, 9 years from today. You receive $691, 13 years from today. You pay $775, 17.4 years from today. What is the maximum number of IRRs that could possibly exist?

b) You just spent $15,055 to invest in a teak farm in Thailand. Youll also need to make additional payments of $1,274 in 4 years, and $2,059 in 9 years. Therefore, youll make at total of three payments in order to fully acquire the investment. You expect to receive payments of $5,327 in 13 years and $2,105 in 17.4 years. Finally, after 20 years, you expect to sell the investment for $26,196. Given its riskiness, the expected return, E(r), on the investment is 6.1% when expressed as an EAR. Determine the modified IRR (MIRR) on an annual basis for the investment.