George purchased a franchise agreement to distribute electronic gadgets for 7 years. The agreement cost $2,000,000 and she had to make investments of $800,000 for the first 2 years to set up her showroom. The franchise generated $1,075,000 in profits each year from the 1st year to 7 years afterwards. At the end of year 7, she sold the furniture in her showroom for $115,000.

a. What is the Internal Rate of Return (IRR)?