Problem:
Find the modified internal rate of return (MIRR) for the following series of cash flows. The company can reinvest the cash flows from the project at an annual rate of 5%. The initial outlay for the project is $450,000. The project will produce the following after-tax cash inflows of
- Year 1:159,000
- Year 2: 133,000
- Year 3: 193,000
- Year 4: 156,000
Note: Solve the problem and show all work.