The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 9 percent. The project being analyzed is as...

The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of capital of 9 percent. The project being analyzed is as follows ($23,000 investment): Use Appendix A and Appendix Bfor an approximate answer but calculate your final answer using the formula and financial calculator methods.

YearCash Flow 1$ 13,000      2- 12,000      3- 7,000      

a.What is the modified internal rate of return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

  Internal rate of return %