Lynchburg Development has a project that is expected to produce cash inflows of $3,200 a year for 4 years with a final cash inflow of $4,700 in year 5. The project's initial cost is $10,500. What is the modified internal rate of return (MIRR) of this project using method #3 (the combination approach) if the required rate of return is 7.8 percent?

A. 10.0%

B. 12.0%

C. 14.0%

D. 16.0%

E. 18.0%