Mass Company is investing in a giant crane. It is expected to cost $7.7 million in initial investment, and it is expected to generate an end-of-year cash flow of $4.7 million each year for three years. At the end of the fourth year, there will be a $2.7 million disposal cost. Calculate the MIRR for the project if the cost of capital is 12.0 percent.

33.3 percent 31.6 percent 24.8 percent 27.3 percent