Blue Llama Mining Company is analyzing a project that requires an initial investment of $2,750,000. The expected cash flows are:

Year 1: $350,000

Year 2: -125,000

Year 3: 400,000

Year 4: 400,000

Their WACC is 9%, and the project has the same risk as the firm's average project. Calculate the MIRR.

a) 16.65%

b) 18.73%

c) -18.03%

d) 19.77%

Should they accept or reject this independent project?