Delta Enterprises is considering an investment project with the following forecasted details: Initial amount invested is R550,000 and expected residual value is R40,000.

Year	Cashflows	Discount factor
Year 1	R120,000	0.909
Year 2	R170,000	0.826
Year 3	R160,000	0.751
Year 4	R120,000	0.683
Year 5	R110,000	0.621

Assuming that the cost of capital for the company is 13%. The cash flows are after tax and depreciation is charged at R45,000 per year. Tax rate is 26%.

Required: 1.1 Calculate each of the following: 1.1.1 Internal Rate of Return (IRR) 1.1.2 Modified Internal Rate of Return (MIRR)