Follow these steps describing how the MIRR is calculated to complete the table for Project X. The Project X has just one outflow: -$1,000 at t = 0, this means that it is not discounted and its PV = $1,000. (Note: If the project has more than one outflow, you need to find the PV at t = 0 for each one and sum them to arrive at the PV of total costs for use in the MIRR calculation.) . You need to find the future value of each inflow compounded at the WACC out to the terminal year, which is the year the last inflow is received. (Hint: Assume that cash flows are reinvested at the WACC.) You have the cost at t = 0, $1,000, and the FV. There is some discount rate that will cause the PV of the terminal value to equal the cost. That interest rate is defined as the MIRR. (Note: Using your financial calculator, enter N = 4, PV = -1,000, PMT = 0, and FV. Then when you press the I/YR key, you get the MIRR. Some calculators have a built-in MIRR function that streamlines the process. In Excel, you can use either the RATE function or MIRR function to calculate the MIRR.) Project X WACC = 10% 0 1 2 3 4 Inflow -$1,000 $500 $450 $350 $200 Complete the following table. NPV = FV = MIRR =