upfront setup costs to be ready to produce the part would be $$7\mathrm{.}99$ million. Your discount rate for this contract is $7\mathrm{.}6\%.$

a$.$ What is the IRR?

b$.$ The NPV is $$5\mathrm{.}04$ million, which is positive so the NPV rule says to accept the project. Does the IRR rule agree with the NPV rule?

a$.$ What is the IRR?

The IRR is $,\%.($Round to two decimal places.$)$