After discovering a new gold vein in the Colorado mountains, CTC Mining Corporation must decide whether to go ahead and develop the deposit. The most cost-effective method of mining gold is sulfuric acid extraction, a process that could result in environmental damage. Before proceeding with the extraction, CTC must spend $ 800,000 for new mining equipment and for its installation. The gold mined will net the firm an estimated $ 350,000 each year for the 3-year life of the vein. CTC's cost of capital is 11%. For the purposes of this problem, assume that the cash inflows occur at the end of the year. What is the project's MIRR?

Choose one answer: a. 10.94% b. 13.50% c. 12.15% d. 8.86% e. 9.84%