Fuzzy Button Clothing Company is analyzing a project that requires an initial investment of $3,000,000. The projects expected cash flows are:

Year	Cash Flow
Year 1	$350,000
Year 2	200,000
Year 3	500,000
Year 4	450,000

Fuzzy Button Clothing Companys WACC is 7%, and the project has the same risk as the firms average project. Calculate this projects modified internal rate of return (MIRR):

17.27% (please note, this is a multiple choice question, with these being the choices)

16.36%

20.91%

-18.31%

If Fuzzy Button Clothing Companys managers select projects based on the MIRR criterion, they should (accept or reject?) this independent project.