modified internal rate of return

Project Description:

the caffeine coffee company uses the modified internal rate of return. the firm has a cost of capital of 8 percent. the project being analyzed is as follows ($39,000 investment): use appendix a and appendix b for an approximate answer but calculate your final answer using the formula and financial calculator methods.

year cash flow
1 $ 16,000
2 14,000
3 14,000

a.
what is the modified internal rate of return? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.)

internal rate of return ________ %
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