Verizon is thinking about building a new set of cell towers. The cost of building these towers today would be 153 million dollars. The new towers would then increase future cash flows by 15 million dollars in year 1, 70 million dollars in year 2, 78 million dollars in year 3, and 47 million dollars in year 4. Suppose the cost of capital is 66%. What is the profitability index of this project?

Kellog's is thinking about introducing a new cereal brand. Marketing and development of the brand will cost 12.5 million dollars today. In year 1 & 2, the new cereal will generate 5 million dollars in cash. In years 3 & 4, the new cereal will generate 6 million dollars in cash. Kellog's reinvestment rate is 6%. What is the MIRR of this project?