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

4,000

500

The projects are equally risky, and their cost of capital is 15%. 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 X: %

Project Y: %

Which project has the higher MIRR?

-Select-Project XProject Y has the higher MIRR.