How is this calulated?

Now, each project's MIRR is the discount rate that equates the PV of the TV to each project's cost, $10,000:

AutoSave O Off) FIN 550 Homework Student Workbook (... . Search Speigner, Raquell SR X File Home Insert Draw Page Layout Formulas Data Review View Help Power Pivot Share Comments fx A Define Name Byy Trace Precedents fx Show Formulas Calculate Now Insert AutoSum Recently Financial Logical Text Date & Lookup & Math & More Name Use in Formula "Trace Dependents Error Checking Watch Function Used v Time * Reference Trig Functions Manager LG Create from Selection Fx Remove Arrows & Evaluate Formula Window Calculation Calculate Sheet Options Function Library Defined Names Formula Auditing Calculation 022 X V A B C E F G H I J K | L M N P Q R S T U w L X Y Jet Present Value (NPV) NPV * = -$10,000 5.804 2.392 2.135 636 $966.01 NPVy = -$10,000 3.125 2.790 2.491 2.224 $631 Internal Rate of Return [IRR) To solve for each project's IRR, find the discount rates that equate each NPV to zero: IRPix 9% IRRy 3% 21 22 23 24 Modified Internal Rate of Return [MIRR): 25 26 To obtain each project's MIRR, begin by finding each project's terminal value (TV) of cash inflows: 27 TVx 9132.032 3763.2 3360 $1,000 $17.255 28 29 TVy 4917.248 4390. 3920 $3,500 $16,728 30 31 Now, each project's MIRR is the discount rate that equates the PV of the TV to each project's cost, $10,000: 32 33 MIRR 34 MIRRy 35 36 3-1 Question 1 3-1 Question 2 3-1 Question 3 5-2 Question 1 + Ready - - + 59% Type here to search O Fi e o a W X 9:57 AM 7/26/2020