Question $11(1$ point$)$

Teagyn corp. produces PITAs and has a choice of upgrading or replacing a piece of equipment. The upgrade would cost $$25M$ and have an operating cost per unit of $$62,000.$ Replacing the equipment would cost $$39M$ and would reduce operating costs per unit from the upgrade estimate by $10\%.$ Replacing would also allow the current machine to be sold for $$3M$ now. Regardless of the choice, Teagyn forecasts sales of $460$ units at $$80,000$ per unit and expects unit sales to grow at $10\%$ per year over the next four years $($five years in total, selling price and costs would remain the same$).$ Use a WACC of $12\%$ and a re$-$investment rate of $6\%$ to compare these choices.

What is the MIRR if Teagyn replaces the machine? Please enter your response in whole numbers with no ufits or commas and $1$ decimal place: $"21\mathrm{.}34\%"$ would be $"21\mathrm{.}3"($note: NO $"\%"$ and use $5/4$ rounding$).$

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