Suppose you invest $$3,500$ today and receive $$9,750$ in $20$ years.

a$.$ What is the internal rate of return $($IRR$)$ of this opportunity?

b$.$ Suppose another investment opportunity also requires $$3,500$ upfront, but pays an equal amount at the end of each year for the next $20$ years. If this investment has the same IRR as the first one, what is trite amount you will receive each year?

a$.$ What is the internal rate of return $($IRR$)$ of this opportunity?

The IRR of this opportunity is

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