Find the modified internal rate of return (MIRR) for the following series of future cash flows if the company is able to reinvest cash flows received from the project at an annual rate of 8.07 percent. The initial outlay is $371,200.
Year 1: $161,500
Year 2: $135,300
Year 3: $134,700
Year 4: $147,600
Year 5: $126,600