1. Tubby Toys estimates that its new line of rubber ducks will generate sales of $7.70 million, operating costs of $4.70 million, and a depreciation expense of $1.70 million. If the tax rate is 40%, what is the firm’s operating cash flow? (Enter your answer in millions rounded to 2 decimal places.)
2. A project has an initial cost of $59,600, expected net cash inflows of $12,000 per year for 9 years, and a cost of capital of 13%. What is the project's MIRR? Round your answer to two decimal places.