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.$$ The mine will cost $$3,200,000$ to open and

will have an economic life of $11$ years. It will generate a cash

inflow of $$425,000$ 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 $$480,000$ at the end of Year $11.$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$.,32\mathrm{.}16.)$The Utah Mining Corporation requires a return of $11$ percent on

such undertakings. Should the mine be opened?