MIRR unequal lives. Grady Enterprises is looking at two project opportunities for a parcel of land the company currently owns. The first project is a restaurant, and the second project is a sports facility. The projected cash flow of the restaurant is an initial cost of $1,490,000 with cash flows over the next six years of $230,000 (year one), $260,000 (year two), $290,000 years three through five), and $1,700,000 (year sb), at which point Grady plans to sell the restaurant The sports facility has the following cash flows: intial cost of $2,500,000 with cash ows over the next four years of $360,000 (years one through three) and $3,230,000 (year four), at which point Grady plans to sell the facility. The appropriate discount rate for the restaurant is 1 1 0% and the appropriate discount rate for the sports tacity is 11 5% What are the MRRs for the Grady Enterprises projects? What are the MIRS when you a ust for the unequal lives? Do the MIRR adjusted for unequal lives change the decision based on the MRRs? Hint Take al cash flows to the same endng period as the longest project If the appropriate renvestment rate for the restaurant is 11.0%, whats te MIRR of the restaurant project? 15 61 96 (Round to two decrnal places ) If the appropriate renvestment rate for the sports facility is 11.5%, what is te MRR of the sports tacit? 16 33 % (Round to two dermal places ) Based on the MIRR, Grady shouild pick the sports facility project (Select from the drop-down menu What is the MIRR of the restaurant when you adjust for unequal lives? % (Round to two decimal places.)