SHOW WORKS. A firm with a 13 percent cost of capital is considering a project for this years capital budget. The projects expected after-tax cash flows are as follows: Year: 0 1 2 3 4 Cash flow: -$12,000 $4,100 $5,500 $4,300 $4,000 Calculate the projects modified internal rate of return (MIRR).

a. 16.09% b. 18.45% c. 10.51% d. 11.41% e. 49.17%