Problem:
Find the modified internal rate of return (MIRR) for the following series of future cash flows. The company can reinvest the cash flows from the project at an annual rate of 5%. The initial outlay is $450,200
- Year 1: 181,000
- Year 2: 125,600
- Year 3: 196,460
- Year 4: 185,000
- Year 5: 144,600
Note: Solve the problem and show all work.