Find the modified internal rate of return (MIRR) for the following series of future cash flows if the company is able to reinvest cash flows received from the project at an annual rate of 8.94 percent.The initial outlay is $415,100.

Year 1: $156,600

Year 2: $175,200

Year 3: $145,200

Year 4: $128,700

Year 5: $123,800

Round the answer to two decimal places in percentage form.