Athens Football Company is considering investing in a new football product. The firm's cost of capital is 11 percent and the projects initial investment is $5,000,000. Furthermore, the project is expected to provide after-tax operating cash flows of $2,500,000 in year 1, $2,300,000 in year 2, $2,200,000 in year 3 and $1,300,000 in year 4.

The MIRR is