Your firm is considering a project that will cost $4.506 million up front, generate cash flows of $3.49 million per year for 3 years, and then have a cleanup and shutdown cost of $6.02 million in the fourth year.

a. How many IRRs does this project have?

b. Calculate a modified IRR for this project assuming a discount and compounding rate of 9.7%.

c. Using the MIRR and a cost of capital of 9.7%, would you take the project?