Furthermore, senior management informs you of a new proposal in the wings, a cheaper model X, which would require an $80,000 investment outlay. Your team has been given some conflicting information about project X from three separate senior managers: (i) the first tells you that project X is expected to produce a constant stream of cash flows for 5 years, (ii) the second tells you that project X is expected to produce a constant stream of cash flows for 15 years, and (iii) the third tells you the length of project X could be anywhere from 5-15 years. However, all three senior managers agree that the MIRR of project X will be about 20-21%. The firm has no other projects in the foreseeable future, so your analysis should not consider other potential projects besides E1, E2, and X. Keep in mind that your firm has a capital rationing limit of $480,000, and you can use all or part of that amount.

Which Project will maximize the firms value. Solve in excel?