In: Finance
Find the modified internal rate of return (MIRR) for the following series of future cash flows if the company is able to reinvest cash flows received from the project at an annual rate of 8.91 percent.The initial outlay is $354,000.
Year 1: $169,600
Year 2: $137,900
Year 3: $178,100
Year 4: $132,200
Year 5: $182,300
Round the answer to two decimal places in percentage form.