Problem:
Find the Modified Internal Rate of Return (MIRR) for the following series of future cash flows, given a discount rate of 11%: Year 0: -$22,000; Year 1: $5,000; Year 2: $6,000; Year 3: $7,000; Year 4: $7,500; and, Year 5: $8,000.
A) About 12.13%
B) About 12.88%
C) About 13.12%
D) About 13.04%
Note: Please explain comprehensively and give step by step solution.