The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 13 percent. The project being analyzed is as follows ($32,000 investment): UseAppendix AandAppendix Bfor an approximate answer but calculate your final answer using the formula and financial calculator methods.

YearCash Flow1$19,000215,000310,000

What is the modified internal rate of return?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)