A manufacturing company, Duman Inc., is considering a project with the following cash flows:

Year	Cash flow
0	-$100,000
1	- 40,000
2	+90,000
3	+90,000
4	-10,000

The project's cost of capital is estimated to be 10 percent. What is the modified internal rate of return (MIRR)?

		11.87%
		8.43%
		12.37%
		9.77%