ABC Inc. is looking at investing in a 3-year project that will create cash inflows of $16,000 in the first year, $10,000 in the second year, and -$5,000 in the third year. The cost of this project is $18,000, and the required return is 12%. What is the modified internal rate of return of this project, using the discounting approach?

a. 14.67%

b. 17.67%

c. 13.87%

d. 15.23%

e. 16.78%