Samiran has entered into an agreement to develop and maintain a computer program for symbolic mathematics. Under the terms of the agreement, he will pay 9 000 000 rupees in royalties to the investor at the end of the fifth, tenth, and fifteenth years, with the investor paying Samiran 4 500 000 rupees now, and then 6 500 000 rupees at the end of the twelfth year.

Samiran AIARR for this type of investment is 20%. Calculate the ERR of this project. Should he accept this agreement, on the basis of these disbursements and receipts alone? Are you sure that the ERR you calculated is the only ERR? Why ? Are you sure that your recommendation to Samiran is correct? Justify your answer.