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XYZ is considering an investment with an initial cost of $236,000. In Year 4, the project will require an additional investment and finally, the project

XYZ is considering an investment with an initial cost of $236,000. In Year 4, the project will require an additional investment and finally, the project will be shut down in Year 5. The annual cash flows for Years 1 to 5, respectively, are projected as $94,000, $99,000, $48,000, $170,000, and $30,000. If all negative cash flows are moved to Time 0 using a discount rate of 13 percent, what is the project's modified IRR?

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