A mining company plans to mine a beach for rutile. To do so will cost $14 million up front and then produce cash flows of $7 million per year for five years. At the end of the sixth year the company will incur shut-down and clean-up costs of $6 million. If the cost of capital is 11.5%, then what is the MIRR for this project?

A.

19.19%

B.

13.43%

C.

21.11%

D.

17.27%