A project requires an initial investment of $110,000. There will be no cash flow in the first year. Starting in the second year, the project will generate an annual cash flow of 20,000 for seven years. After the last $20,000, the project is done. However, $15,000 is required to restore the environment in the year after the last $20,000. Assume the required return is 5%. What is the modified IRR of this project? (Do not round intermediate calculations.)