The firms' CEO is interested in knowing what the annual return of the vaccine project is and has therefore asked you to compute the project's IRR. You are concerned however that the IRR will overstate the project's annual return because it assumes that the project's interim cash flows will be reinvested at the IRR. Instead, you believe that it is more reasonable to assume that the project's interim cash flows are reinvested at the firm's cost of capital (WACC). 3. Compute an IRR for the vaccine project that assumes interim cash flows are reinvested at the firm's cost of capital (i.e. the modified IRR). The firms' CEO is interested in knowing what the annual return of the vaccine project is and has therefore asked you to compute the project's IRR. You are concerned however that the IRR will overstate the project's annual return because it assumes that the project's interim cash flows will be reinvested at the IRR. Instead, you believe that it is more reasonable to assume that the project's interim cash flows are reinvested at the firm's cost of capital (WACC). 3. Compute an IRR for the vaccine project that assumes interim cash flows are reinvested at the firm's cost of capital (i.e. the modified IRR)