Dry-Sand Company is considering investing in a new project. The project will need an initial investment of $1,200,000 and will generate $600,000 (after tax) cash flows for three years. However, at the end of the fourth year, the project will generate -$500,000n of after-tax cash flow due to dismantling costs. Calculate the MIRR (modified internal rate of return) for the project if the cost of capital is 15 percent. The reinvestment rate is 12 percent. A. 11.5 percent B. 20.4 percent C. 28.2 percent D. 12.6 percent

I need a step by step visualization on how to get MIRR when faced with a reinvestment rate. In this case the reinvestment rate is 12 percent.