Consider the following situation: Celestial Crane Cosmetics is analyzing a project that requires an initial investment of $2,750,000. The projects expected cash flows are: Year Cash Flow Year 1 $375,000 Year 2 175,000 Year 3 500,000 Year 4 475,000 Celestial Crane Cosmeticss WACC is 8%, and the project has the same risk as the firms average project. Calculate this projects modified internal rate of return (MIRR): 25.29% 26.44% 18.39% -15.37% If Celestial Crane Cosmeticss managers select projects based on the MIRR criterion, they should this independent project. Which of the following statements about the relationship between the IRR and the MIRR is correct? A typical firms IRR will be greater than its MIRR. A typical firms IRR will be less than its MIRR. A typical firms IRR will be equal to its MIRR.