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 8.07 percent.The initial outlay is $371,200.

Year 1: $161,500

Year 2: $135,300

Year 3: $134,700

Year 4: $147,600

Year 5: $126,600