Consider two projects with identical initial outlays but differing cash flows.

	Project A	Project B
Year 0	-7,500,000	-7,500,000
Year 1	2,250,000	1,250,000
Year 2	2,500,000	2,250,000
Year 3	2,750,000	3,250,000
Year 4	2,750,000	3,750,000

The corporate cost of capital is 5.25%. What is the NPV, IRR and Modified IRR for each project? What are the undiscounted and discounted payback periods for each project? For extra credit (2 pts), why does Project A have a higher IRR, but lower MIRR than B (yes, that is a hint to the earlier answers)