Frazier Fudge has a project with an initial outlay of $40,000, followed by three years of annual incremental cash flows of $35,000. The terminal cash flow of the project is $10,000. Assuming a cost of capital of 10%, calculate the MIRR of the project.
A) 46.5%
B) 51.3%
C) 62.9%
D) 74.7%