Green Caterpillar Garden Supplies Inc. is analyzing a project that requires an initial investment of $$3,000,000.$ The project$$s expected cash flows are:

Year

Cash Flow

Year $1$ $$275,000$

Year $2150,000$

Year $3500,000$

Year $4450,000$

Green Caterpillar Garden Supplies Inc.$$s WACC is $8\%,$ and the project has the same risk as the firm$$s average project. Calculate this project$$s modified internal rate of return $($MIRR$)$:

$16\mathrm{.}61\%$

$15\mathrm{.}69\%$

$-19\mathrm{.}16\%$

$22\mathrm{.}15\%$