Harley worked for many years to save enough money to start his own residential landscape design business. The net cash flows shown are those he recorded for the first 6 years as his own boss. Find the external rate of return using the modified rate of return approach with a reinvestment rate of 15% per year and a borrowing rate of 8%. Additionally, after using the procedure, use the MIRR function to confirm your answer. Year NCF, $ 12 -3,400 3 15 12,000 700 16 -9,000 4,100 -7,000 750 The external rate of return is % per year.

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