a) Explain the term Modified Internal Rate of Return (MIRR) List the main steps you would take to compute the Modified Internal Rate of Return (MIRR) of an investment project. a) A family purchased a run-down house for $350,000 with the idea of making major improvements and then selling for a profit. In the first year that they owned the house, they spent $40,000 on improvements. They spent $18000 the second year and $16000 the third year. In addition, they paid property taxes of $2000 per year for 5 years and then sold the house for $700,000 in year 5 i. Draw a cash flow diagram for this investment and compute its modified b) internal rate of return (MIRR) Assume that reinvestment rate of 8% and discount rate of 9%. i. What does this indicate about the economic attractiveness of this investment if the MARR is 12%