Jonathan purchased a franchise agreement to distribute electronic gadgets for 9 years. The agreement cost $2,200,000 and he had to make investments of $875,000 for the first 2 years to set up his showroom. The franchise generated $950,000 in profits each year from the 1 st year to 9 years afterwards. At the end of year 9 , he sold the furniture in his showroom for $85,000. a. What is the Internal Rate of Return (IRR)? \% Round to two decimal places b. Should he have proceeded with this plan if his cost of capital was 16%