1. Delta Corp. is considering a piece of equipment with an initial outlay of $825,000. Projected cash flows associated with with the machine over the next four years are as follows: $700,000 in year one, -$40,000 in year two, $550,000 in year three, and -$200,000 in year four. Deltas required rate of return is 12%. What is the modified internal rate of return of this project? Round intermediate steps to four decimals.

   		20.38%
   		11.09%
   		12.91%
   		14.73%