A project costs $22,900 to initiate. It is expected to provide cash flows of $15,900 in Year 1 and $9,900 in Year 2. In Year 3, it will cost the firm $5,500 to end the project. What is the modified IRR at a discount rate of 14 percent?

a) -6.79%

b) -6.67%

c) 10.63%

d) 11.08%

e) 14.00%