The Freeman Corporation is a medical software company that specializes in assisting healthcare facilities to convert from paper based medical records to cloud storage. Because of increased fear of cyber-attacks, the demand for their services has been extremely high, which has resulted in the need to upgrade their computer hardware and software. Freeman will be evaluating the project over a five-year period. Based on the research, the following estimates were generated. . Cost of the new hardware and software: $600,000 Revenues: $250,000 for the first year and increase $30,000 per year for the five-year evaluation period. The hardware and software will be depreciated straight line over a five-year period with no salvage value. Variable costs are expected to be 45% of revenues. Rodriguez's tax rate is 24%. Prior to the upgrade, working capital in the amount of $50,000 will be invested into inventory of parts and other supplies to keep the software operational. Working capital needs will decrease by $10,000 each year until all working capital has been recovered. Freeman's cost of capital is estimated to be 8% for this project. 1 What is the MIRR for this project?