The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 11 percent. The project being analyzed is as follows ($35,000 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	$ 17,000
2	15,000
3	10,000

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.