Your company is considering two mutually exclusive projects, X and Y, whose costs and cash flows are shown below:

Year x y

0 -5000 -5000

1 1000 4500

2 1500 1500

3 2000 1000

4 4000 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 X: % Project Y: % Which project has the higher MIRR? -Select- has the higher MIRR.