We can find the NPV by entering the cash flows into the cash flow register, entering I/YR = 10, and then pressing the NPV button. However, calculating the IRR presents a problem. With the cash flows in the register, press the IRR button. An HP-10BII financial calculator will give the message “error-soln.” This means that Project P has multiple IRRs. An HP-17BII will ask for a guess. If you guess 10%, the calculator will show IRR = 25%. If you guess a high number, such as 200%, it will show the second IRR, 400%. The MIRR of Project P = 5.6%, and is found by calculating the discount rate that equates the terminal value ($5.5 million) to the present value of costs ($4.93 million).