You are considering a safe investment opportunity that requires a $$700$ investment today, and will pay $$350$ two years from now and another $$600$ five years from now.

a$.$ What is the IRR of this investment?

b$.$ If you are choosing between this investment and putting your money in a safe bank account that pays an EAR of $5\%$ per year for any horizon, can you make the decision by

simply comparing this EAR with the IRR of the investment? Explain.

a$.$ What is the IRR of this investment?

The IRR of this investment is $\%.($Round to two decimal places.$)$