The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of $10$ percent. The project being

analyzed is as follows $($ $$30,000$ investment$)$: Use Appendix A and Appendix B for an approximate answer but calculate your final

answer using the formula and financial calculator methods.$\text{'}.$

What is the modified internal rate of return?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Internal rate of return