RAK Corp. is evaluating a project with the following cash flows:
Year Cash Flow
0 –$ 28,600
1 10,800
2 13,500
3 15,400
4 12,500
5 – 9,000
The company uses a discount rate of 13 percent and a reinvestment rate of 6 percent on all of its projects. Calculate the MIRR of the project using the combination approach.