Alyeska Salmon Inc., a large salmon canning firm operating out of Valdez, Alaska,

has a new automated production line project it is considering. The project has

a cost of $231,862 and is expected to provide after-tax annual cash flows of $64,958

for five years. The firms management is uncomfortable with the IRR reinvestment

assumption and prefers the modified IRR approach. You have calculated a cost of

capital for the firm of 11.4 percent. What is the projects MIRR?