FINA 3610 Excel Outside Assignment 2 Given the following instructions and data use an Excel spreadsheet to calculate the MIRR: Assume you can borrow at a rate of 10% to purchase some equipment for $120,000 and generate the following cash flows over the useful life of the equipment for five years: the assumed scrap value is zero. The reinvestment rate is 12%. Assume all cash flows occur at the end of the year. Enter your outlay cost in cell A2, your borrowing rate in cell A8, and your reinvestment rate in cell A9. CELL DATA A2 A4 A5 A6 A7 A8 A9 Formula: $120,000 39,000 30,000 21,000 37,000 46,000 10.00 % 12.00% Descriptiorn Initial cost First year's profit Second year's profit Third year's profit Fourth year's profit Fifth year's profit Financing rate Reinvestment rate Use the following formula to calculate the MIRR by typing the following formula in fx =MIRR (A2:A7,A8,A9), Click on Enter. Your answer should be 13%