Florida Phosphate is considering a project which involves opening a new mine at a cost of $$10,000,000$ at t $=0.$ The project is expected to have operating cash flows of $$5,000,000$ at the end of each of the next $4$ years. However, the facility will have to be repaired at a cost of $$6,000,000$ at the end of the second year. Thus, at the end of Year $2$ there will be a $$5,000,000$ operating cash inflow and an outflow of $-$ $$6,000,000$ for repairs. The company's cost of capital is $15$ percent. What is the difference between the project's MIRR and its regular IRR?

a$.0\mathrm{.}00\%$

b$.0\mathrm{.}51\%$

c$.3\mathrm{.}40\%$

d$.9\mathrm{.}65\%$

e$.13\mathrm{.}78\%$

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