A firm is considering two mutually exclusive projects, X and Y, with the following cash flows; the projects are equally risky, and their WACC is 8%. What is the MIRR of the project that maximizes shareholder value? t = 0 1 2 3 4 Project X -1,000 100 300 500 700 Project Y -1,000 900 200 200 100

24.26%

13.90%

15.54%

14.45%

16.62%