Emily's Soccer Mania is considering building a new plant. This project would require an initial cash outlay of $11 million and would generate annual cash inflows of $3.5 million per year for years one through four. In year five the project will require an investment outlay of $4.5 million. During years 6 through 10 the project will provide cash inflows of

$4.5 million per year. Calculate the project's MIRR, given a discount rate of 11 percent.

The MIRR of the project with a discount rate of 11% is