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 $275,000 and is expected to provide after-tax annual cash flows of $75,000 for eight years. The firms management is uncomfortable with the IRR reinvestment assumption and prefers the modified IRR approach. You have calculated a required rate of return for the firm of 12 percent. What is the projects MIRR?