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A project will cost $20,000 today and yield cash inflows of $15,000 and $25,000 at the end of Year 1 and Year 2, respectively. At the end of Year 3, the project will require an additional clean-up cost of $5,000. The required rate of return for similar projects is 10%. What is the MIRR of this project if we use the reinvestment approach?
Select one:
a. 38.90%
b. 24.32%
c. 48.03%
d. 61.80%
e. 26.67%
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