Fuzzy Button Clothing Company is analyzing a project that requires an initial investment of $550,000. The project's expected cash flows are:

Year Cash Flow
Year 1 $350,000
Year 2 -100,000
Year 3 475,000
Year 4 400,000

Fuzzy Button Clothing Company's WACC is 10%, and the project has the same risk as the firm's average project. Calculate this project's modified internal rate of return (MIRR):

O 19.54%
O 18.45%
O 22.80%
O 21.71%