Cold Goose Metal Works Inc. is analyzing a project that requires an initial investment of $2,225,000. The projects expected cash flows are:

Year	Cash Flow
Year 1	$350,000
Year 2	200,000
Year 3	400,000
Year 4	400,000

Cold Goose Metal Works Inc.s WACC is 9%, and the project has the same risk as the firms average project. Calculate this projects modified internal rate of return (MIRR).

18.18%

20.46%

19.32%

-14.33%

If Cold Goose Metal Works Inc.s managers select projects based on the MIRR criterion, they should _____ this independent project.