A mining company plans to mine a beach for rutile. To do so will cost $$11$ million up front and then produce cash flows of $$4$ million per year for five years.

At the end of the sixth year the company will incur shut $-$ down and clean $-$ up costs of $$3$ million. If the cost of capital is $12\%,$ then what is the MIRR for

this project?

A$.-88\%$

B$.-79\%$

C$.-62\%$

D$.-97\%$