Green Caterpillar Garden Supplies Inc. is analyzing a project that requires an initial investment of $600,000. The projects expected cash flows are:

Year Cash Flow

Year 1 $325,000

Year 2 175,000

Year 3 425,000

Year 4 425,000

Green Caterpillar Garden Supplies Inc.s WACC is 9%, and the project has the same risk as the firms average project. Calculate this projects modified internal rate of return (MIRR):

12.79%

16.56%

15.05%

12.04%