Your client is using the modified internal rate of return (MIRR) when evaluating investment opportunities. He makes a lump sum investment at the beginning of year one of $43,500. Your client is able to reinvest cash flows received from the investment at an annual rate of 9.93 percent. Calculate the MIRR for your client investment opportunity. The expected return on this investment (received at each year-end) is as follows.

Year 1: $24,500

Year 2: $19,100

Year 3: $29,400

Year 4: $15,700