MIRR of the project using the discounting, reinvestment

Slow Ride Corp. is evaluating a project with the following cash flows:YearCash Flow0’$29,200111,400214,100316,000413,1005’9,600The company uses an interest rate of9 percent on all of its projects.1) Calculate the MIRR of the project using thediscounting approach method:2) Calculate the MIRR of the project using thereinvestment approach method:3) Calculate the MIRR of the project using thecombination approach method:I have tried using the following, but answers do not seem to be correct:Discounting approach:In the discounting approach, we find the value of all cash outflows to time 0, while any cash inflows remain at the time at which they occur. So, the discounting the cash outflows to time 0, we find:1.09^5 = 1.5386Time 0 cash flow = -29200 ‘ (9600/1.09^5) = -35439.34130846410CFo = -35439.34130846410C01: 11400 C02: 14100 ETC.CPT IRR = 59.4776 sto3Reinvestment approach:In the reinvestment approach, we find the future value of all cash except the initial cash flow at the end of the project using the reinvestment rate. So, the reinvesting the cash flows to time 5, we find:Time 5 cash flow = 11400(1.09^5) + 14100(1.09^4) + 16000(1.09^3) + 13100(1.09^2) – 9600(1.09)= 63264.1877868600 = ‘29200 + 63264.187786860/ (1 + MIRR)^563264.187786860 / 29200 = (1 + MIRR)^5MIRR = ((63264.187786860/ 29200)^1/5) ‘ 1MIRR = 0.167226172 or 16.72Combination approach:In the combination approach, we find the value of all cash outflows at time 0 using the discount rate, and the value of all cash inflows at the end of the project using the reinvestment rate. So, the value of the cash flows is:Time 0 cash flow = 29200 ‘ 9600/1.09^5 = 22960.6587 sto1Time 5 cash flow = 11400(1.09^5) + 14100(1.09^4) + 16000(1.09^3) + 13100(1.09^2) – 9600(1.09)= 63264.187786860MIRR = ((63264.187786860 / 35439.34130846410)^1/5) ‘ 1 = 12.2883

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