eBook Problem Walk$-$Through

A firm is considering two mutually exclusive projects, X and Y$,$ with the following cash flows:

$01234$

Project X $-$$$1,000$ $$110$ $$320$ $$430$ $$700$

Project Y $-$$$1,000$ $$900$ $$100$ $$45$ $$45$

The projects are equally risky, and their WACC is $11\%.$ What is the MIRR of the project that maximizes shareholder value? Do not round intermediate calculations. Round your answer to two decimal places.