Assignment:
Martin Manufacturers is considering a five-year investment which costs $100,000. The investment will produce cash flows of $25,000 each year for the first two years (t = 1 and t = 2), $50,000 a year for each of the remaining three years (t = 3, t = 4, and t = 5). The company has a cost of capital of 12 percent. What is the MIRR of the investment?