Question: Turner Enterprises is analyzing a project that is expected to have annual cash flows of $46,400, $51,300 and $15,200 for Years 1 to 3, respectively.

Turner Enterprises is analyzing a project that is expected to have annual cash flows of $46,400, $51,300 and $15,200 for Years 1 to 3, respectively. The initial cash outlay is $65,900 and the discount rate is 12 percent. What is the modified IRR?

A.16.98%

B. 17.77%

C. 17.04%

D. 18.13%

E. 18.66%

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