The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 12 percent. The project being analyzed is as follows ($34,000 investment):

Use Appendix A and Appendix B.

Year	Cash flow
1	$ 13,000
2	12,000
3	10,000

(a)	What is the modified internal rate of return? An approximation from Appendix B is adequate. (You do not need to interpolate.) (Round "FV Factor" to 3 decimal places and final answer to 2 decimal places. Omit the "%" sign in your response.)