The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, This is a golden opportunity. The mine will cost $901,000 to open and will have an economic life of 11 years. It will generate a cash inflow of $173,000 at the end of the first year, and the cash inflows are projected to grow at 7 percent per year for the next 10 years. After 11 years, the mine will be abandoned. Abandonment costs will be $124,000 at the end of year 11. Required: (a) What is the IRR for the gold mine? (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16)) IRR % (b) The Utah Mining Corporation requires a 11 percent return on such undertakings. Should the mine be opened?