Find the modified internal rate of return (MIRR) for the following series of future cash flows if the company is able to reinvest cash flows received from the project at an annual rate of 10.49 percent.The initial outlay is $402,500.

Year 1: $193,600

Year 2: $153,300

Year 3: $186,100

Year 4: $131,200

Year 5: $142,500

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Tall Trees, Inc. is using the modified internal rate of return (MIRR) when evaluating projects. The company is able to reinvest cash flows received from the project at an annual rate of 9.38 percent. What is the MIRR of a project if the initial costs are $2,254,200 and the project life is estimated as 8 years? The project will produce the same after-tax cash inflows of 513,800 per year at the end of the year.