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 $3,400,000 to open and will have an economic life of 11 years. It will generate a cash inflow of $575,000 at the end of the first year, and the cash inflows are projected to grow at 8 percent per year for the next 10 years. After 11 years, the mine will be abandoned. Abandonment costs will be $450,000 at the end of Year 11. a. What is the IRR for the gold mine? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) IRR % b. The Utah Mining Corporation requires a return of 13 percent on such projects. Should the mine be opened? Yes O No