Professor Wendy Smith has been offered the following opportunity: A law ferm would ike to retain her for an uptront payment of 550,000 . in rotum, for the nexi year the fim wouls have accese to eight hours of her time every month. As an altemative payment astangement, the from would pay Profevior Smiths hoully tate for the eight hours each morth . Bments rate is 5565 per hey and her opportunity cost of capital is 15% per year, What does the IRR rule advise regarding the payment arrangement? (tint. Find the mionthiy rate that wil yold an efoctive aninual rate of 15\%.) What about the NPV rule? The annsal IRR is \%. (Round to two decimal places)