Your factory has been offered a contract to produce a part for a new printer. The contract would last for three$$ years, and your cash flows from the contract would be $ $5\mathrm{.}09$ million per year. Your upfront setup costs to be ready to produce the part would be $ $8\mathrm{.}01$ million. Your discount rate for this contract is $8\mathrm{.}1\%.$

a$.$ What is the$$ IRR?

b$.$ The NPV is $ $5\mathrm{.}08$million$,$ which is positive so the NPV rule says to accept the project. Does the IRR rule agree with the NPV$$ rule?

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Part $1$

a$.$ What is the$$ IRR?

The IRR is

$$

enter your response here$\%.($Round to two decimal$$ places.$)$