Professor Wendy Smith has been offered the following$$ opportunity: A law firm would like to retain her for an upfront payment of $$$$50,000.$ In$$ return, for the next year the firm would have access to eight hours of her time every month. As an alternative payment$$ arrangement, the firm would pay Professor Smith$\text{'}$s hourly rate for the eight hours each month. SmithSmith$\text{'}$s rate is $$$$560$ per hour and her opportunity cost of capital is $16\%$ per year. What does the IRR rule advise regarding the payment$$ arrangement? $($Hint$$: Find the monthly rate that will yield an effective annual rate of $16\%.)$ What about the NPV$$ rule?