1. Find the modified internal rate of return (MIRR) for the following series of future cash flows if the company is able to reinvest cash flows received from the project at an annual rate of 11.57 percent. The initial outlay is $496,600.

Year 1: $145,200

Year 2: $146,500

Year 3: $131,300

Year 4: $177,800

Year 5: $196,400

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)

2. The Black Bird Company plans an expansion. The expansion is to be financed by selling $188 million in new debt and $51 million in new common stock. The before-tax required rate of return on debt is 10.62% percent and the required rate of return on equity is 15.73% percent. If the company is in the 34 percent tax bracket, what is the weighted average cost of capital?

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)