IRR using the discounting approach?

Multiple.Choice

$18\mathrm{.}67\%$

$15\mathrm{.}70\%$

$12\mathrm{.}73\%$

$14\mathrm{.}66\%$

$13\mathrm{.}97\%$

A project is expected to have annual cash flows of $$36,800,$$$24,600,$ and $-$$$9,200$ for Years $1$ to $3,$ respectively. The initial cash outlay is $$44,500$ and the discount rate is $11$ percent. What is the modified

IRR using the discounting approach?

Multiple.Choice

$18\mathrm{.}67\%$

$15\mathrm{.}70\%$

$12\mathrm{.}73\%$

$14\mathrm{.}66\%$

$13\mathrm{.}97\%$