Professor Wendy Smith has been offered the following opportunityA law firm would like to retain her for an upfront payment of $$49,000$In return, for the next year the firm would have access to eight hours of her time every month As an alternative payment arrangementthe firm would pay Professor Smith's hourly rate for the eight hours each monthSmith's rate is $$540$ per hour and her opportunity cost of capital is $14\%$ per yearWhat does the IRR advise regarding the payment arrangement? $($HintFind the monthly rate that will yield an effective annual rate of $14)$ What about the NPV rule?