MIRR and NPV

Your company is considering two mutually exclusive projects, X and Y$,$ whose costs and cash flows are shown below:

Year X Y

$0-$$$5,000-$$$5,000$

$11,0004,500$

$21,5001,500$

$32,0001,000$

$44,000500$

The projects are equally risky, and their cost of capital is $11\%.$ You must make a recommendation, and you must base it on the modified IRR $($MIRR$).$ Calculate the two projects' MIRRs. Do not round intermediate calculations. Round your answers to two decimal places.

Project X:

$18\mathrm{.}35$

$\%$

Project Y:

$20\mathrm{.}30$

$\%$

Which project has the higher MIRR?

$-$Select$-$

has the higher MIRR.