Watts Co. is considering a project that has the following cash flow and cost of capital (r) data. What is the project's MIRR? Note that a project's MIRR can be less than the cost of capital (and even negative), in which case it will be rejected. r = 10.00%

Year               0            1                2             3                   4

Cash flows −$850     $300          $320      $340          $360

a. 14.08%

b. 15.65%

c. 17.21%

d. 18.94%

e. 20.83%