7. 6.56 Harley worked for many years to save enough money to start his own residential landscape design business. The net cash flows shown are those he recorded for the first 6 years as his own boss. Find the external rate of return using the modified rate of return approach with a reinvestment rate of 15% per year and a borrowing rate of 8%.

Additionally, after using the procedure, use the MIRR function to confirm your answer.

Year 0 1 2 3 4 5 6 NCF, $ −9000 +4100 −2000 −7000 +12,000 +700 +800