Down Under Stores is considering an investment with an initial cost of $236,000. In Year 4, the project will require an additional investment and finally, the project will be shut down in Year 7. The annual cash flows for Years 1 to 7, respectively, are projected as $64,000, $87,000, $91,000, $48,000, $122,000, $154,000, and $30,000. If all negative cash flows are moved to Time 0 using a discount rate of 13 percent, what is the project's modified IRR?

22.08%

15.44%

18.54%

14.91%

17.67%