Because both projects are the same size you can just calculate each projects MIRR and choose the project with the higher MIRR. (Remember, MIRR gives conflicting results from NPV when there are scale differences between the projects.)

12%

Project X: 0 1 2 3 4

| | | | |

-5,000 1,000 1,500 2,000 4,000.00

2,240.00

1,881.60

1,404.93

9,526.53

5,000 17.49% = MIRR_X

$5,000 = $9,529/(1 + MIRR_X)⁴.

12%

Project Y: 0 1 2 3 4

| | | | |

-5,000 4,500 1,500 1,000 500.00

1,120.00

1,881.60

6,322.18

9,823.78

5,000 18.39% = MIRR_Y

$1,000 = $1,636.37/(1 + MIRR_Y)⁴.