Lithium, Inc. is considering two mutually exclusive projects, A and B. Project A costs $95,000 and is expected to generate $65,000 in year one and $75,000 in year two. Project B costs $120,000 and is expected to generate $64,000 in year one, $67,000 in year two, $56,000 in year three, and $45,000 in year four. Lithium, Inc.s required rate of return for these projects is 10%. The modified internal rate of return for Project B is:

a. 18.52%

b. 22.80%

c. 19.75%

d. 17.84%