Manheim Candles is considering a project with the following incremental cash flows. Assume a reinvestment rate of 10%.

Year	Cash Flow
0	($20,000)
1	0
2	$30,000
3	$30,000

Calculate the project's MIRR. (Round to the nearest whole percentage.)

Question 18 options:

a)

31%

b)

61%

c)

53%

d)

47%