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 12.63 percent.

Initial outlay: $307,500
Year 1: $145,300
Year 2: $165,400
Year 3: $123,600
Year 4: $155,400
Year 5: $199,700

Round the answer to two decimal places in percentage form. (Write the percentage sign in the units box)
a) 12.82%
b) 14.76%
c) 16.91%
d) 18.23%