Modified internal rate of return (MIRR): Morningside Bakeries recently purchased equipment at a cost of $650,000. Management

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Modified internal rate of return (MIRR): Morningside Bakeries recently purchased equipment at a cost of $650,000. Management expects the equipment to generate cash flows of $275,000 in each of the next four years. The cost of capital is 14 percent.

What is the MIRR for this project?

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