A companys weighted average cost of capital is 9.4% per year. A project requires an investment of $15,000 today and it will generate after-tax cash flows of $9,000 at the end of year 1, $5,000 at the end of year 2, and $4,000 at the end of year 3. What is the projects annual modified internal rate of return?

1) 10.5%

2) 12.3%

3) 11.4%

4) 8.9%

5) 9.8%

How would this be solved on a calculator?