eBook Problem Walk$-$Through

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

$01234$

Project X $-$$$1,000$ $$90$ $$320$ $$400$ $$650$

Project Y $-$$$1,000$ $$1,000$ $$110$ $$50$ $$45$

The projects are equally risky, and their WACC is $13\%.$ What is the MIRR of the project that maximizes shareholder value? Do not round intermediate calculations. Round your answer to two decimal places.

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