Epitaphe Funeral Service Inc. is considering a project that requires an initial investment of $20,000 at the beginning. The project provides annual cash inflows as following: $15.000 in Year 1.

$15,000 in Year 2, and $-7,000 in Year 3. The firm's required return for this project is 10%. What is the project's modified internal rate of return (MIRR)?

9.18%

10.65%

11.74%

11.11%

O E. 10.12%