The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of $14$ percent. The project being analyzed is as follows $($$$42,000$ investment$)$: Use Appendix A and Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Year Cash Flow

$1$ $ $21,000$

$219,000$

$315,000$

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.