The initial expenditure of 20-year project is equal to 200 000 000 $. The only positive cash flow will be equal to 245 000 000 $ in 12 years (at the end of the year). The reinvestment rate is equal to 3.3%. The modified internal rate of return will be equal to:

a.2.51%

b.2.22%

c.none of the above

d.2.34%

e.2.37%