Question content area top Part $1$ Your engineers are developing a new product to launch next year that will require both software and hardware innovations. The software team requests a budget of $ $7$$$7$ million and forecasts an $78\%78\%$ chance of success. The hardware team requests a $ $8$$$8$ million budget and forecasts a $55\%55\%$ chance of success. Both teams will need $66$ months to work on the$$ product, and the$$ risk$-$free interest rate is $4\%4\%$ APR with semiannual compounding. a$.$ Which team should work on the project$$ first? b$.$ Suppose that before anyone has worked on the$$ project, the hardware team comes back and revises their$$ proposal, changing the estimated chance of success to $75\%75\%$ based on new information. Will this affect your decision in $($a$)?$ Question content area bottom Part $1$ a$.$ Which team should work on the project$$ first? The $$ hardware software team should work$$ first, followed by the $$ software hardware team. $($Select from the$$ drop$-$down menus.$)$