You are looking at a project that has a five-year life with an initial investment of $ 2 billion, a NPV of $350 million and an IRR of 22%. The cost of capital for the project is 11%. If the cash flows are positive AND the same amount every year for the five years (i.e. an annuity), what is the modified internal rate of return on this investment?

a. 22.22% b. 14.64% c.11.65% d. -7.65%