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 $375,000 and is expected to provide after-tax annual cash flows of $150,000 for three years. The firm's 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 12 percent. What is the project's MIRR? a. 8.15% b. 8.57% c. 9.63% d. 10.51% e. 11.29%