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 11%. 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 YItem 3 has the higher MIRR.