A project is expected to have annual cash flows of $$36,800,$$$24,600,$ and $-$$$9,200$ for Years $1$ to $3,$ respectively. The initial cash outlay is $$44,500$ and the discount rate is $11$ percent. What is the modified IRR using the reinvestment approach?

Multiple Choice

$14\mathrm{.}66\%$

$13\mathrm{.}97\%$

$12\mathrm{.}55\%$

$13\mathrm{.}67\%$

$14\mathrm{.}23\%$