Ehrmann Data Systems is considering a project that has the following cash flow and WACC data. What is the project's MIRR? Note that a project's projected MIRR can be less than the WACC (and even negative), in which case it will be rejected.

WACC:	9.75%
Year	0	1	2	3
Cash flows	-$1,000	$450	$450	$450

Select one:

a. 14.11%

b. 15.52%

c. 15.81%

d. 10.72%

e. 17.22%