The khoemacao Mining Corporation is considering two mutually exclusive projects, Y and Z whose cash flows are shown below Year Project Y ProjectX 0 (50 000) (50 000) 1 18 000 26 000 2 22 500 23 000 3 16 000 14 000 The projects are equally risky, and their cost of capital is 12%. You are required to: a. Calculate approximate Modified Internal Rate of Return for Project Y? b. The approximate Modified Internal Rate of Return for Project Z? c. Which project should be undertaken by Khoemacao and why? d. Why did you reject the other project?