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 1 1,000 4,500 2 1,500 1,500 3 2,000 1,000 4,000 500 The projects are equally risky, and their cost of capital is 12%. 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 Project: Which project has the higher MIRR? Select has the higher MIRR