Using a required rate of return equal to 12 percent, compute the modified internal rate of return (MIRR) for a project that costs $70,000 and is expected to generate $33,000, $66,000, and -$10,900, respectively, during the next three years. Should the project be purchased? Do not round intermediate calculations. Round your answer to two decimal places.

The project -Select-shouldshould notItem 1 be purchased because the MIRR, that is %, is -Select-greater thanlower thanequal toItem 3 the required rate of return.