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…

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 12.27 percent.The initial outlay is $318,200.

Year 1: $152,600

Year 2: $171,800

Year 3: $169,400

Year 4: $181,900

Year 5: $158,500

Round the answer to two decimal places in percentage form.

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