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 14.38 percent.The initial outlay is $402,900.
Year 1: $145,300
Year 2: $162,300
Year 3: $138,700
Year 4: $124,100
Year 5: $183,200
Round the answer to two decimal places in percentage form