You company is considering two mutually exclusive projects, X and Y, whose costs and cash flows are shown below:

You company is considering two mutually exclusive projects, X and Y, whose costs and cash flows are shown below:Year X Y0 (1,000) (1,000)1 100 1,0002 300 1003 400 504 700 50The projects are equally risky, and their cost of capital is 12%. You must make a recommendation, and you must base it on the modified IRR (MIRR). What is the MIRR of the better project.