Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 12 percent, and that the maximum allowable payback and discounted payback statistics for your company are 3 and 3.5 years, respectively.

Time: 0 1 2 3 4 5 Cash flow $295,000 $45,800 $64,000 $101,000 $102,000 $61,200

Use the MIRR decision rule to evaluate this project. What is MIRR?