A project requires an investment of $55,000 today and it is expected too generate after-tax cash flows of $1,500 per month for the next four years. The company's weighted average cost of capital is 8.4% per year. What is the projects annual modified internal rate of return?

A) 11.0%

B) 12.0%

C)11.5%

D)13.0%

E)12.5%