Question: Your client is using the modified internal rate of return (MIRR) when evaluating investment opportunities. He makes a lump sum investment at the beginning of

Your client is using the modified internal rate of return (MIRR) when evaluating investment opportunities. He makes a lump sum investment at the beginning of year one of $45,400. Your client is able to reinvest cash flows received from the investment at an annual rate of 12.77 percent. Calculate the MIRR for your client investment opportunity. The expected return on this investment (received at each year-end) is as follows.

Year 1: $19,800

Year 2: $22,600

Year 3: $14,500

Year 4: $23,700

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)

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