The Fitness Center is considering including a treadmill in this year's capital budget. The cash outlay for the treadmill is $1,330. The firm's cost of capital is 8.1%. After-tax cash flows, including depreciation, are as shown in the following table. Calculate the modified internal rate of return (MIRR) for the project. End of Year Cash Flow (S) 485 485 485 485 485 1 2 3 4 5 18.47% 17.58% 16.47% 15.21%

The Fitness Center is considering including a treadmill in this year's capital budget. The cash outlay for the treadmill is $1,330. The firm's cost of capital is 8.1%. After-tax cash flows, including depreciation, are as shown in the following table. Calculate the modified internal rate of return (MIRR) for the project. 18.47% 17.58% 16.47% 15.21%