Grey Fox Aviation Company is analyzing a project that requires an initial investment of $500,000. The projects expected cash flows are:

Year Cash Flow Year 1 $325,000

Year 2 175,000

Year 3 475,000

Year 4 475,000

Grey Fox Aviation Companys WACC is 8%, and the project has the same risk as the firms average project. Calculate this projects modified internal rate of return (MIRR):

17.93%

22.14%

21.09%

18.98%