The following table represents the cash inflows for the Tunkle Toes Boutique for nine years:

Year Cash inflow(R)

3 45 000

6 90 000

9 115 000

The applicable interest rate, at which money can be invested is 11,59% per year. The present value of

the cash outflows is R95 000.

The MIRR (modified internal rate of return) is

[1] 14,72%.

[2] 21,25%.

[3] 31,90%.

[4] 38,06%.

[5] 41,91%.