Find the modified internal rate of return (MIRR) for your client for the following series of future cash flows if your client is able to reinvest cash flows received from the investment at an annual rate of 11.25 percent. The initial investment at the beginning of the first year is $312,100.

Year 1: $139,500

Year 2: $159,700

Year 3: $149,600

Year 4: $153,900

Year 5: $136,900