You are deciding between two mutually exclusive investment opportunities. Both require the same initial investment of $$9\mathrm{.}96$ million. Investment A will generate $$1\mathrm{.}85$ million per year $($starting at the

end of the first year$)$ in perpetuity. Investment B will generate $$1\mathrm{.}48$ million at the end of the first year, and its revenues will grow at $2\mathrm{.}6\%$ per year for every year after that.

a$.$ Which investment has the higher IRR?

b$.$ Which investment has the higher NPV when the cost of capital is $7\mathrm{.}4\%?$

c$.$ In this case, when does picking the higher IRR give the correct answer as to which investment is the best opportunity?

a$.$ Which investment has the higher IRR?

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