Bill Clinton reportedly was paid $$$$10\mathrm{.}5$ million to write his book My Life. The book took three years to write. In the time he spent$$ writing, Clinton could have been paid to make speeches. Given his$$ popularity, assume that he could earn $$$$8\mathrm{.}4$ million per year$($paid at the end of the$$ year$)$ speaking instead of writing. If his cost of capital is $10\mathrm{.}1\%$ per$$ year, then the NPV of agreeing to write the book$($ignoring any royalty$$ payments$)$ is negative $ $10$ comma $352$ comma $835.$ How many IRRs are there in this$$ problem? Does the IRR rule give the right answer in this$$ case? $($Note$$: Consider the upfront payment as a positive cash flow and the opportunity cost of missed speaking fees as negative cash$$ flows.$)$

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Part $1$

The IRR is

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enter your response here$\%.($Round to two decimal$$ places.$)$