You are deciding between two mutually exclusive investment opportunities. Both require the same initial investment of $9.6 million. Investment A will generate $1.90 million per year (starting at the end of the first year) in perpetuity. Investment B will generate $1.45 million at the end of the first year, and its revenue will grow at 2.2% per year for every year after that forever.

1. What is the IRR of Investment A? What is the IRR of Investment B?

2. When the appropriate discount rate is 7%, what is the NPV of Investment A and Investment B?

3. At which discount rate value range (i.e. x, the project with higher IRR will also have higher NPV? Show your calculation steps.