Ehrmann Data Systems is considering a project that has the following cash flow and WACC data. What is the project's MIRR? Note that a project's projected MIRR can be less than the WACC (and even negative), in which case it will be rejected.

WACC: 12.75%

Year	0	1	2	3
Cash flows	-$1,000	$450	$450	$450

Select one:

a. 12.78%

b. 12.02%

c. 15.22%

d. 15.37%

e. 16.74%