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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

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 discounting approach?

a) 13.97

b) 18.67

c) 15.70

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