A project requires an investment of $55,000 today and it will generate after-tax cash flows of $1,500 per month for the next four years. The company's weighted average cost of capital is 8.4% per year. What is the project's annual modified internal rate of return? 1) 11.0% O2) 11.5% 3) 13.0% O4) 12.0% 5) 12.5%

A project requires an investment of $55,000 today and it will generate after-tax cash flows of $1,500 per month for the next four years. The company's weighted average cost of capital is 8.4% per year. What is the project's annual modified internal rate of return? 1) 11.0% 2) 11.5% 3) 13.0% 4) 12.0% 5) 12.5%