Professor Wendy Smith has been offered the following deal: A law firm would like to retain her for an upfront payment of

$$50,000.$ In return, for the next year, the firm would have access to $8$ hours of her time every month. Smith's rate is

$$550$ per hour, and her opportunity cost of capital is $15\%($equivalent annual rate, EAR$).$ What is the IRR $($annual$)?$ What

does the IRR rule advise regarding this opportunity? What is the NPV$?$ What does the NPV rule say about

this opportunity?

The IRR $($annual$)$ is

$\%.($Round to two decimal places.$)$