Given the following projected cash flows for a project and a required rate of return of 14%:

• Initial Investment: $15,000
• Year 1: $5,000
• Year 2: $6,000
• Year 3: $7,000
• Year 4: $8,000

Requirements:

1. Compute the NPV.
2. Calculate the IRR.
3. Determine the Modified Internal Rate of Return (MIRR) assuming reinvestment at the required rate of return.
4. Discuss the differences between IRR and MIRR in evaluating the project.