CALCULATE MIRR:

A 4-year project, X, with an upfront cost of $20 million is expected to yield the following series of cash flows: $3.60 million in year one, $4.20 million in year two, $5.70 million in year three, and $7.80 million in year four. At the end of year four, the projects assets will be liquidated and sold for a net cash flow of $9.20 million. The required rate of return on the project is 14%.