You own a coal mining company and are considering opening a new mine. The mine will cost $$119\mathrm{.}1$ million to open. If this money is spent immediately,

the mine will generate $$20\mathrm{.}6$ million for the next $10$ years. After that, the coal will run out and the site must be cleaned and maintained at environmental

standards. The cleaning and maintenance are expected to cost $$1\mathrm{.}7$ million per year in perpetuity. What does the IRR rule say about whether you should

accept this opportunity? If the cost of capital is $8\mathrm{.}3\%,$ what does the NPV rule say?

What does the IRR rule say about whether you should accept this opportunity? $($Select the best choice below.$)$

A$.$ The IRR is $10\mathrm{.}22\%,$ so accept the opportunity.

B$.$ There are two IRRs, so you cannot use the IRR as a criterion for accepting the opportunity.

C$.$ Reject the opportunity because the IRR is lower than the $8\mathrm{.}3\%$ cost of capital.

D$.$ Accept the opportunity because the IRR is greater than the cost of capital.

The NPV using the cost of capital of $8\mathrm{.}3\%$ is $

million. $($Round to three decimal places.$)$