Company A has a 4-year project under evaluation. The initial cash outflow will be $400,000 with the cost of capital of 12%. The project is expected to generate the following cash inflow each year:
Year 1 = $50,000
Year 2 = $87,000
Year 3 = $250,000
Year 4 = $390,000
What is the project's MIRR? Please explain your calculations step by step.