Your factory has been offered a contract to produce a part for a new printer. The contract would last for $3$ years and your cash flows from the contract would be $$4\mathrm{.}93$ million per year. Your upfront setup costs to be ready to produce the part would be $$8\mathrm{.}16$ million. Your discount rate for this contract is $8\mathrm{.}4\%.$

a$.$ What is the IRR?

b$.$ The NPV is $$4\mathrm{.}45$ 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.$)$