Nicholas purchased a franchise agreement to distribute electronic gadgets for 6 years. The agreement cost $2,400,000 and he had to make investments of $850,000 for the first 2 years to set up his showroom. The franchise generated $975,000 in profits each year from the 1 st year to 6 years afterwards. At the end of year 6 , he sold the furniture in his showroom for $85,000. a. What is the Internal Rate of Return (IRR)? % Round to two decimal places