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=0, this means that it is not discounted and its PV = $1,000PV = $1,000. (Note: If the project has more than one outflow, you need to find the PV at t=0=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, $1,000t = 0, $1,000, and the FVFV. 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=4, PV=1,000PV=1,000, PMT=0PMT=0, and FVFV. Then when you press the I/YRI/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	0	1	2	3	4
WACC = 15%
Inflow	-$1,000	$800	$750	$650	$500

Complete the following table.

NPV =NPV =
FV =FV =
MIRR =MIRR =