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The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 8 percent. The project being analyzed

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The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 8 percent. The project being analyzed is as follows ($39,000 investment): Use Appendix A and Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. Year 1 2 3 Cash Flow $ 16,000 14,000 14,000 What is the modified internal rate of return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Internal rate of return %

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