Calculating the Modified Internal Rate of Return (MIRR) Reconsider the investment project in Checkpoint 2.5. The project we analyzed has three cash flows: a -$235,000 outlay in Year 0, a $540,500 cash inflow in Year 1, and a $310,200 outflow at the end of Year 2.Our analysis in Checkpoint 2.5 indicated that this investment has two IRRs, 10 percent and 20 percent. One way to reduce the number of IRRs to only one is to use the MIRR method, which moves negative cash flows backward, discounting them using the required rate of return or discount rate for the project, which is 12 percent